The billion-dollar jackpot is now the seventh-largest lottery reward in U.S. history.
The Powerball jackpot rose to around $1 billion after no winner emerged following Monday night’s draw, making it the seventh-largest lottery reward in U.S. history, though the eventual payout received by the winner will be far smaller after they pay a hefty tax bill.... [+]If a winner emerges from Wednesday’s draw, they will have the option to choose between a $1 billion payout spread across thirty annual payments or a lump sum payment of $516.
Depending on the winner’s taxable income, their winnings could drop as low as $325.6 million if the federal marginal rate of 37% is applied. If the winner chooses the installments route, annual payments will average around $33.3 million, which could drop to around $21 million after deducting 37% in federal taxes.
The amount the winner gets to take home will also depend on their state of residence, as some states like New York tax lottery winnings at 10.9%, while others like Texas, Florida and California don’t tax them at all.
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