🧵 1. Powerball's $1 billion jackpot is the third-highest ever, but winners' take-home amount varies by state & payout choice. #world
🧵 1. Powerball's $1 billion jackpot is the third-highest ever, but winners' take-home amount varies by state & payout choice. #world
I got a ticket.. I'll worry about payout if I win..
🧵 2. Two payout options: full jackpot spread over 30 years or just over half as a lump sum. Winners pay 24% federal withholding tax.
🧵 3. Another 13% federal tax likely for winners upon filing, putting them in the top bracket. State taxes range from 2.9% to 10.9%.
🧵 4. Eight states don't tax lottery winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, Wyoming.
🧵 5. After-tax amount varies per state and payout option. Check the after-tax figures for the $1 billion jackpot at usamega.com.
🧵 Read more at: https://www.cnbc.com/2023/07/19/powerball-jackpot-hits-1-billion-dollars-after-tax-payout-in-every-state.html
I think it's so silly how people fret about the taxes on huge jackpots... Who cares? You're still getting a ton of money lol