{"id":2398,"date":"2022-11-07T19:34:43","date_gmt":"2022-11-08T00:34:43","guid":{"rendered":"https:\/\/www.gynesisradio.com\/tpsquare\/2022\/11\/07\/the-powerball-jackpot-is-a-record-1-9-billion-winners-will-be-hit-with-a-massive-tax-bill-if-they-live-in-these-states\/"},"modified":"2022-11-07T19:34:43","modified_gmt":"2022-11-08T00:34:43","slug":"the-powerball-jackpot-is-a-record-1-9-billion-winners-will-be-hit-with-a-massive-tax-bill-if-they-live-in-these-states","status":"publish","type":"post","link":"https:\/\/www.gynesisradio.com\/tpsquare\/2022\/11\/07\/the-powerball-jackpot-is-a-record-1-9-billion-winners-will-be-hit-with-a-massive-tax-bill-if-they-live-in-these-states\/","title":{"rendered":"The Powerball jackpot is a record $1.9 billion. Winners will be hit with a massive tax bill if they live in these states"},"content":{"rendered":"<p class=\"wp-block-paragraph\">After 40 consecutive drawings, there&#8217;s been no winner for the Powerball\u2014putting Monday\u2019s jackpot at $1.9 billion, the largest prize in history. The previous&nbsp;<a href=\"https:\/\/www.lotterypost.com\/news\/343144\" rel=\"noreferrer noopener\" target=\"_blank\">record Powerball pot<\/a>&nbsp;was back in 2016, when it reached $1.58 billion. It was split by three winners in California, Florida, and Tennessee.<\/p><p class=\"wp-block-paragraph\">With more tickets still to be sold before Monday night&#8217;s drawing, the jackpot could grow even bigger.<\/p><p class=\"wp-block-paragraph\">Winners can choose to receive a one-time lump sum payment or an annuity, with the prize being paid out over 30 years. Most financial experts advise&nbsp;<a href=\"https:\/\/fortune.com\/2016\/01\/06\/powerball-450-million-jackpot\/\" rel=\"noreferrer noopener\" target=\"_blank\">winners take the lump sum,<\/a>&nbsp;and that&#8217;s what most winners opt to do. If there&#8217;s a winner Monday night who chooses the lump sum option, they could take home roughly $929.1 million, the&nbsp;<a href=\"https:\/\/www.lotterypost.com\/news\/343144\" rel=\"noreferrer noopener\" target=\"_blank\">second-highest cash prize ever<\/a>.<\/p><p class=\"wp-block-paragraph\">The winner\u2014or winners\u2014will owe&nbsp;<a href=\"https:\/\/www.irs.gov\/publications\/p505\" rel=\"noreferrer noopener\" target=\"_blank\">24% to the IRS in federal taxes<\/a>, and then additional taxes when they file (winning that much money will put you in the&nbsp;<a href=\"https:\/\/fortune.com\/2022\/10\/27\/how-to-use-new-tax-brackets-retirement-contribution-limits-2023\/\" rel=\"noreferrer noopener\" target=\"_blank\">top federal tax bracket<\/a>).<\/p><p class=\"wp-block-paragraph\">Then there are the state taxes. Fourteen states don&#8217;t levy additional tax on lottery winnings: Alabama, Alaska, California, Delaware, Florida, Hawaii, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Utah, Washington, and Wyoming.<\/p><p class=\"wp-block-paragraph\">Winners in other locations could pay as much as 10.75% in state or local taxes, according to USA Mega.<\/p><p class=\"wp-block-paragraph\"><a href=\"https:\/\/fortune.com\/2022\/11\/07\/tax-bill-if-you-win-the-billion-dollar-powerball-jackpot\/\" rel=\"noreferrer noopener\" target=\"_blank\">View this interactive chart on Fortune.com<\/a><\/p><ul class=\"wp-block-list\"><li>Washington, D.C.: 10.75%<\/li><li>Maryland: 8.95%<\/li><li>New York: 8.82%<\/li><li>New Jersey: 8%<\/li><li>Oregon: 8%<\/li><li>Wisconsin: 7.65%<\/li><li>Minnesota: 7.25%<\/li><li>South Carolina: 7%<\/li><li>Connecticut: 6.99%<\/li><li>Montana: 6.90%<\/li><li>Idaho: 6.50%<\/li><li>West Virginia: 6.50%<\/li><li>Vermont: 6%<\/li><li>Rhode Island: 5.99%<\/li><li>New Mexico: 5.90%<\/li><li>Georgia: 5.75%<\/li><li>Arkansas: 5.50%<\/li><li>Iowa: 5%<\/li><li>Kansas: 5%<\/li><li>Kentucky: 5%<\/li><li>Maine: 5%<\/li><li>Massachusetts: 5%<\/li><li>Mississippi: 5%<\/li><li>Nebraska: 5%<\/li><li>North Carolina: 4.99%<\/li><li>Illinois: 4.95%<\/li><li>Ohio: 4.80%<\/li><li>Louisiana: 4.75%<\/li><li>Oklahoma: 4.75%<\/li><li>Arizona: 4.50%<\/li><li>Michigan: 4.25%<\/li><li>Colorado: 4%<\/li><li>Missouri: 4%<\/li><li>Virginia: 4%<\/li><li>Indiana: 3.23%<\/li><li>Pennsylvania: 3.07%<\/li><li>North Dakota: 2.90%<\/li><\/ul><p class=\"wp-block-paragraph\">The drawing is Monday, Nov. 7, at 11 p.m. ET.<\/p><p class=\"wp-block-paragraph\">This story was originally featured on&nbsp;<a href=\"https:\/\/fortune.com\/2022\/11\/07\/tax-bill-if-you-win-the-billion-dollar-powerball-jackpot\/\" rel=\"noreferrer noopener\" target=\"_blank\">Fortune.com<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>After 40 consecutive drawings, there&#8217;s been no winner for the Powerball\u2014putting Monday\u2019s jackpot at $1.9 billion, the largest prize in history. The previous&nbsp;record Powerball pot&nbsp;was back in 2016, when it reached $1.58 billion. It was split by three winners in California, Florida, and Tennessee. With more tickets still to be sold before Monday night&#8217;s drawing, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2399,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[17,16],"tags":[],"class_list":["post-2398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-entertainment","category-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.gynesisradio.com\/tpsquare\/wp-json\/wp\/v2\/posts\/2398","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gynesisradio.com\/tpsquare\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gynesisradio.com\/tpsquare\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gynesisradio.com\/tpsquare\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gynesisradio.com\/tpsquare\/wp-json\/wp\/v2\/comments?post=2398"}],"version-history":[{"count":0,"href":"https:\/\/www.gynesisradio.com\/tpsquare\/wp-json\/wp\/v2\/posts\/2398\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gynesisradio.com\/tpsquare\/wp-json\/wp\/v2\/media\/2399"}],"wp:attachment":[{"href":"https:\/\/www.gynesisradio.com\/tpsquare\/wp-json\/wp\/v2\/media?parent=2398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gynesisradio.com\/tpsquare\/wp-json\/wp\/v2\/categories?post=2398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gynesisradio.com\/tpsquare\/wp-json\/wp\/v2\/tags?post=2398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}