Here’s the tax bill on that $430 million Powerball jackpot

Personal Finance


(The most recent big Powerball win was a $447.8 million jackpot awarded earlier this summer to a single winner in California. That prize was the game’s seventh largest, and the 10th largest in U.S. lottery history.)

Of course, the odds of winning are slim (see graphic below), and if you are lucky enough to pick the winning combo, you won’t walk away with the full amount.

Lottery site USAMega.com estimates the federal tax withholding on the $273.4 million lump sum would be roughly $68.3 million, and state taxes could knock out up to another $24.1 million (with New York the worst offender). Those figures are just the amounts withheld up front; your final tax burden is likely to be even higher.



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