You have a chance to win every Monday, Wednesday, and Saturday night at 10:59 p.m. Several states won't deduct anything from the prize, and others could take up to 10% of the jackpot. And there is more.ĭepending on where you bought the ticket, you might pay state taxes. Now you have a Powerball Jackpot worth $492,9. The jackpot will be deducted another 13% due to more taxes. Nevertheless, the Internal Revenue Service could take another cut to the total. The Federal Government has a tax rate of 24%, and the price will reduce to $594.6 million. That would transform the 1.6 billion into $782.4 million before taxes. The vast majority of winners prefer a unique payment option. However, everyone must pay the same tax fees.
It doesn't matter if you are an immigrant or a legal resident, all can participate to win the prize. To buy a Powerball ticket, you need to be 21 years old. How much will I pay in taxes if I win Powerball's jackpot?
