A single ticket hit Powerball’s $699.8 million jackpot. Here’s the winner’s tax bill – CNBC October 5, 2021

I saw this today on CNBC – A single ticket hit Powerball’s $699.8 million jackpot. Here’s the winner’s tax bill: https://www.cnbc.com/2021/10/05/someone-hit-powerballs-699point8-million-jackpot-heres-the-tax-bill.html. Longer article. Worth noting the IRS will have a bigger tax bill when taxes are filed. The IRS holds 24% from the initial payment and the going maximum IRS tax rate is 37%. Looks like California doesn’t tax lottery winners for whatever they win in a lottery drawing so that’s a savings there.

Sarah O’Brien@SARAHTGOBRIEN October 5, 2021

There’s a Powerball winner in California who’s about to be ultra-wealthy — even after giving good ol’ Uncle Sam a cut of the windfall.

A single ticket sold in the Golden State matched all six numbers drawn Monday night to land the game’s $699.8 million jackpot. The top prize had been growing since early June when a ticket sold in Florida won $286 million.\

Of course, the advertised amount is more than what the person will end up with. Winners get to choose between taking their prize as either a lump sum or an annuity paid over 30 years, and either way taxes eat up a good portion of the winnings.

For this $699.8 million Powerball prize, the cash option — which most people go with — is $496 million.

–snip–

About Wichita Genealogist

Originally from Gulfport, Mississippi. Live in Wichita, Kansas now. I suffer Bipolar I, ultra-ultra rapid cycling, mixed episodes. Blog on a variety of topics - genealogy, DNA, mental health, among others. Let's collaborateDealspotr.com
This entry was posted in Bloggers. Bookmark the permalink.

1 Response to A single ticket hit Powerball’s $699.8 million jackpot. Here’s the winner’s tax bill – CNBC October 5, 2021

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.