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Powerball Winner Faces Massive Tax Bill

Started by Epoch-Times-Bot, Dec 16, 2022, 08:52 AM

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Epoch-Times-Bot

Dec 16, 2022, 08:52 AM
Powerball Winner Faces Massive Tax Bill

By Kelley R. Taylor
From Kiplinger’s Personal Finance
Question: What sort of tax bill is the recent winner of the $2.04 billion Powerball jackpot likely to owe?
Answer: The lucky Powerball winner will be looking at hefty tax bills.
One of those tax bills will be from the federal government and, depending on where the Powerball winner lives, another could come from the state. The exact amount of tax also will depend on the payout option that the winner chooses.
The winner can receive the payout as an annuity, which would be paid in 30 graduated payments over twenty-nine years, or they can receive the Powerball money in a lump-sum payment, which in this case is $997.6 million. Most lottery winners choose the lump sum....

Source: Powerball Winner Faces Massive Tax Bill

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