Yeah, yeah, someone else will probably win-- again. But if it's any consolation, here's how much they'll have to pay in taxes.
Assuming you were like most winners and chose the cash option, a 24% federal tax withholding would reduce the $497.3 million by $119.4 million.
Yet more would likely be due to the IRS at tax time. The top federal income tax rate is 37% and this year applies to income above $539,900 for individual tax filers and $647,850 for married couples.This means that unless you were able to reduce your taxable income by, say,, another 13% — or about $64.7 million — would be due to the IRS. That would translate into $184.1 million going to federal coffers in all, leaving you with $313.2 million.
State taxes could also be due, depending on where the ticket was purchased and where you live. While some jurisdictions have no income tax — or do not tax lottery winnings — others impose a top tax rate of more than 10%.And, of course, you probably won't need to worry about how much the jackpot really would deliver — the chance of a single ticket matching all six numbers drawn in Powerball is about 1 in 292 million.
Meanwhile, Mega Millions' jackpot is $87 million for Tuesday night's drawing. The chance of your ticket hitting the jackpot in that game is roughly 1 in 302 million.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Powerball winning numbers drawing yields no winner; lottery jackpot at $1.5BThe Powerball jackpot just keeps growing after nobody won the massive jackpot in Wednesday night's drawing.
Read more »
Powerball winning numbers drawing yields no winner; lottery jackpot at $1.5BThe Powerball jackpot just keeps growing after nobody won the massive jackpot in Wednesday night's drawing.
Read more »
Powerball winning numbers drawing yields no winner; lottery jackpot at $1.5BThe Powerball jackpot just keeps growing after nobody won the massive jackpot in Wednesday night's drawing.
Read more »
Powerball drawing: Numbers drawn for $1.6B Powerball jackpotBREAKING NEWS: Check your Powerball tickets! The winning numbers in tonight's estimated $1.6 billion jackpot have been drawn.
Read more »
Winning Powerball numbers for $825 million jackpot, second-biggest jackpot in game's historyPowerball jackpot has soared to $825 million for Oct. 29, 2022. Here are the winning numbers for the second-highest Powerball prize in US history
Read more »
Powerball jackpot reaches estimated $1B ahead of tonight's drawing; 5th-largest jackpot in US historyThe jackpot climbed to $1 billion after no one matched all six numbers Saturday night when the jackpot had been $825 million.
Read more »