The final amount owed could change further based on deductions and other actions taken by the winner during the tax year.įigures do not include municipal income taxes, which may apply for residents of certain cities. Some states withhold more or less than is actually owed, which is reconciled when the winner files his or her taxes the following year. The top income tax rate was used for the entire prize amount at both federal and state levels. Amounts are for the lump-sum cash option, currently projected to be $930 million.įigures do not include calculations using marginal tax rates. METHODOLOGY: Bloomberg analyzed tax amounts to be paid by a single winner of the January 13 Powerball jackpot across 50 states and the District of Columbia.
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