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.



Source link

Products You May Like

Articles You May Like

British regulators to fine Barclays CEO, monitor whistleblowing program
Big banks saved $3.6 billion in taxes last quarter under new law
General Electric reportedly discussing rail business sale to Wabtec
No turnaround yet for General Electric
What’s behind the big commodities rally, and why it could be just getting started

Leave a Reply

Your email address will not be published. Required fields are marked *