12/11/2023 0 Comments Current powerball jackpot calculatorBut here’s an estimate of how much a single winner would owe in taxes on the $1 billion jackpot.įourteen states don’t levy additional tax on lottery winnings: Alabama, Alaska, California, Delaware, Florida, Hawaii, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Utah, Washington, and Wyoming. Someone who gives away a large chunk of their winnings to charity will be taxed much differently than someone who doesn’t, for example. That’s where things get a little more complicated, and of course, every financial situation is different. ![]() ![]() After federal taxes have been taken, USA Mega estimates the lump sum will be worth $325 million while the annuity will be worth an average of $21 million per year. “Some portion will need to be set aside to pay next spring,” Irwin tells Fortune. But Emily Irwin, managing director of advice and planning at Wells Fargo’s Wealth and Investment Management, says to remember the winner will undoubtedly wind up in the top marginal tax bracket, 37%, next year, and will owe the difference then. That means if you take the lump sum payment, $124 million will go to the IRS immediately. Off the top, the federal government withholds 24%.
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