Powerball jackpot stands at $1.9 billion: What you will pay in taxes if you win
Tonight's Powerball drawing is for the largest lottery jackpot in history. After 41 consecutive drawings with no winner, the nation's largest prize now sits at $1.9 billion, with a cash payout of $929.1 million.
Whether a player matches all six numbers in tonight's drawing boils down to the luck of the draw.
As far as a prize this size goes, here's what you need to know about the tax implications.
"Here in Ohio, if you win a jackpot or any lottery prize before you get to touch that money, we're going to deduct the taxes from it," explains Danielle Babb from the Ohio Lottery Commission.
The state of Ohio, like any state, treats this amount of money like income. That means that the bigger the lottery cash payout, the more the winner pays back in taxes.
"If somebody were to win tonight in Ohio, they would be paying $37.164 million in taxes to Ohio," Babb adds.
Though state tax varies by state, Ohio tacks on a 4% tax.
"There's some states that don't tax anything on lottery winnings and there's some states that tax up to 8%, so Ohio is right in the middle," says Elizabeth Scheiderer, vice president of the Sequoia Financial Group.
For federal taxes, a winner would pay 24% of that cash payout at $222.984 million in taxes.
Carmen Blackwell reports: www.wkyc.com/article/news/lot...
Пікірлер: 25
Good luck every one .. from Arizona 🍀❤️😄
Thank you
@christopherkilian9763
Жыл бұрын
I like thick women.
In my country Australia there is no taxes this is shocking you buy the ticket its your money UNBELIEVABLE
they are talking about what is withheld not what the tax bill will be. tax bill will be higher in many cases. Federal tax rate is 37% not the 24% withholding.
I love Texas.
Local towns want taxes, too, after so many taxes were already taken out. Tax collectors need to hold up a check, too, stating how much they won from the lottery winner. After all, it's not the winner that gains the majority. That's kind of questionable, though. Anyways, who's me to question these people. I'm just a citizen. It's their world, I just live in it.
It thickens more, as it's delayed ..
@christopherkilian9763
Жыл бұрын
I like thick women
I have the winning ticket
If I win the lottery I am going to fund the Searl Effect Generator and the Venus Project.
Never
@saul5499
Жыл бұрын
Never said never
A billion in taxes? What the fuck?
@christopherkilian9763
Жыл бұрын
Who cares. A $2 ticket is what you pay.
@FreddyKurganNimmo
Жыл бұрын
It isn't $1 Billion in taxes🙄
You keep 700m? Who the hell gets 1.2b?
@christopherkilian9763
Жыл бұрын
If you get a lump sum, the rest goes to taxes, otherwise you get more if, you draw out 30 payments over 29 years
@pplepi
Жыл бұрын
@@christopherkilian9763 1.2 billion in tax? I keep 700. That makes sense
@FreddyKurganNimmo
Жыл бұрын
It's $1.9 Billion ONLY if the take the 29 year annuity option. $1.2 Billion of THAT does NOT go to taxes. ANY & EVERY lottery win that is taxed at the highest percent is around 40% total between federal & state taxes, depending on which state you live in, and you have to pay that EVERY year of the annuity. Taking Tue cash lump sum automatically nearly halves the amount you get, but you get it immediately, without needing to wait 29 years, and thus, you can take care of the taxes immediately as well, and not have to be concerned with taxes on that win amount every year for an additional 29 years as you would if you chose to take the annuity.
Sickening we have taxes on this shit
The paranormal entity possessing bodies again Got to be Godly to see how many I’m probably in Melodic lottery win Robotically throttling gossiping men Never knew your number but locking you in
F*** arab had to win 🤦♂️