Here's how much the Powerball winner will owe in taxes after the $1.8 billion jackpot
Share this @internewscast.com

Hit the jackpot, meet the taxman.

The Powerball jackpot has skyrocketed to an astonishing estimated $1.8 billion — but the fortunate winner will need to pay millions in taxes before enjoying the mammoth prize.

Saturday’s draw, marking the second-largest in US history, is prompting hopefuls to dream of cashing in; however, even if someone wins, a substantial portion will go directly to taxes, leaving the winner with significantly less than the advertised jackpot.

Lotto winners forfeit at least 24% of the grand prize to federal income taxes — which means Saturday’s jackpot winner could owe a hefty $198.3 million, as reported by CNBC.

Furthermore, the massive earnings will push the fortunate winner into a 37% federal tax bracket, leading to even more deductions on top of any state taxes that could be applicable based on their location.

In New York, lottery winnings are taxed at 10.9%, according to the New York Lottery guidelines.

In 2025, individuals earning more than $626,350 and married couples with income over $751,600 fall into the 37% federal tax bracket.

Upon winning, recipients can decide to claim their prize in either of two manners: a one-time lump sum payment or an annuity, with an initial payout followed by 29 yearly payments, increasing by 5% annually.

The winner of Saturday’s jackpot — a 1-in-292 million chance — selecting the lump sum would receive approximately $826.4 million, while the annuity alternative is valued at $1.80 billion, according to the outlet.

Experts recommend the annuity for the full jackpot and three decades of steady payments, but most ticket holders prefer the one-and-done payday.

No one has clinched a Powerball win since May 31, making way for an enviable prize that keeps stacking up.

The highest-ever payout was $2.04 billion in 2022.

The next Powerball drawing happens live on Saturday at 10:59 p.m. ET.

Share this @internewscast.com
You May Also Like
Texas man James Anderson dies during court in wife's murder case

Texas Man James Anderson Passes Away During Court Proceedings in Wife’s Murder Case

James Anderson, accused of murdering his wife, died from a medical emergency…
UN gives long round of applause after Palestinian Authority president accuses Israel of 'genocide'

Palestinian Authority President Receives Extended Applause from UN After Accusing Israel of ‘Genocide’

Palestinian Authority President Mahmoud Abbas was warmly applauded by global leaders at…
ICE Chicago Operation Midway Blitz: Community rallies to sell tamales for vendor arrested by ICE near Home Depot on SW Side

Chicago Community Unites: Selling Tamales to Support Vendor Detained by ICE Near SW Side Home Depot

The local community in Chicago rallied Friday morning to continue selling tamales…
Jacksonville daughter seeks justice in father's livestream death

Daughter in Jacksonville fights for justice after father’s death during livestream

Makaylee Sullivan is calling for justice after the livestreamed death of her…
Coast Guard joins search for diver who vanished in Hawaii

Coast Guard participates in search for missing diver in Hawaii

The U.S. Coast Guard joined the search for a 44-year-old diver who…
Private equity sees profits in power utilities as electric bills rise and Big Tech seeks more energy

Private Equity Eyes Profits in Power Utilities as Energy Bills Soar and Demand from Big Tech Grows

HARRISBURG, Pa. (AP) — Private investment firms fueling America’s race in artificial…
Random blue city stabbing death fuels new bail bill as ‘activists’ ripped for lack of crime crackdown: expert

A recent random stabbing death in a major city prompts new bail legislation, while ‘activists’ face criticism for not addressing crime, according to experts.

In the wake of the stabbing death of Ukrainian refugee Iryna Zarutska…
Three women indicted for allegedly livestreaming chase of ICE agent to his home and posting address online

Three Women Accused of Broadcasting Pursuit of ICE Agent to His Home, Sharing His Address Online

A federal grand jury has indicted three women for allegedly following a…
Des Moines, Iowa, public school leader detained by immigration agents, school board says

Des Moines School Official Arrested by Immigration Authorities, Reports School Board

Federal immigration agents have apprehended the chief administrator of the public schools…
Shooter at NFL Headquarters Had CTE, Medical Examiner Confirms

CTE Confirmed in Gunman at NFL Headquarters, Says Medical Examiner

Shane Tamura, a Las Vegas casino worker, shot and killed four people…
Palmdale Street shooting on Jacksonville's Northwest side leaves man dead

Jacksonville Sheriff’s Office: Driver shot in the head on Edgewood Avenue

The Jacksonville Sheriff’s Office said an “unknown suspect” shot the man from…
Fugitive dad Travis Decker confirmed dead as DNA matches remains found in Washington state: officials

DNA Confirms Remains Found in Washington State are of Fugitive Father Travis Decker: Officials

Authorities have now verified that the human remains discovered in the Washington…