Here’s the tax bill on the $1 billion Powerball and Mega Millions wins

Personal Finance


The one winning Powerball ticket that was sold in New Hampshire is good for a $570 million jackpot, capping a weekend lottery jackpot haul of more than $1 billion.

The winning numbers for Saturday’s drawing were 12, 29, 30, 33 and 61, plus Powerball 26.

The $570 million Powerball ranks as the fifth largest in the game’s history, and the third largest awarded to a single ticket. It’s also the seventh largest jackpot in U.S. lottery history.

The Powerball win comes on the heels of another huge jackpot: a single ticket sold in Florida won the $450 million Mega Millions drawingFriday.

That jackpot ranks as the fourth largest in the game’s history, and the second largest awarded to a single ticket. At the time it was also the 10th largest jackpot in U.S. history; now it’s the 11th largest.

Of course, this weekend’s lucky winners won’t walk away with the full jackpot amounts. That’s just the headline sum.

If the Powerball winner opts to take the $358.5 million lump sum, lottery site USAMega.com estimates the federal tax withholding would be $89.6 million. On the Mega Millions, the $281.2 million lump sum has an estimated federal tax withholding of $70.3 million.



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