$2.04 Billion Powerball Winner Takes Home $628 Million After Taxes (2024)

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$2.04 Billion Powerball Winner Takes Home $628 Million After Taxes (2024)

FAQs

$2.04 Billion Powerball Winner Takes Home $628 Million After Taxes? ›

On the $2.04 billion win, the cash election is really $997.6 million. Tax withholding of 24% amounts to $239.4 million, leaving $758.2 million. But the IRS isn't done yet. Although only 24% is withheld and sent directly to the IRS, our lucky winner will owe a lot more in April of 2023.

How much taxes would be taken out if you won a million dollars? ›

Eight states don't charge any income tax on lottery winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.

How are lottery annuity payments calculated? ›

In general, lottery annuity payments consist of an initial payment and a number of gradually increasing annual payments (a growing annuity), where the number of years depends on the lottery you won. For example, a Powerball winner receives 29 annual payments that increase by 5 percent yearly.

How much is the Powerball drawing? ›

If you want to purchase a ticket for the next Powerball draw, you should expect to pay $2 for each play. You can also purchase the Power Play option, which will multiply your winnings for another $1 per play.

Is it better to take the lump sum or annuity lottery? ›

“I honestly think most people are probably better off taking the annuity.” As mentioned, the annuity option means you'll receive a check every year with another, slightly larger portion of your lottery winnings. While that annual allowance may sound annoying to a newfound jackpot winner, it can also help protect you.

How much is the 600 million lottery after taxes? ›

The cash prize amount will drop to around $223 million after a mandatory federal tax withholding of 24% is deducted. Depending on the winner's final taxable income, they may face up to a 37% federal marginal rate—further cutting down their fortune to $184.8 million.

Does Powerball annuity end at death? ›

Though many believe the government keeps the money, annuity payments are generally passed to a winner's heirs if they die, according to Silvestrini. In this situation, the remaining assets are distributed to a living beneficiary, or to an estate where the money can be disbursed to a group of beneficiaries.

Can a lottery annuity be inherited? ›

Lottery Annuity After Death. If a lottery winner who has opted for an annuity payout passes away, the remaining payments typically go to their estate and subsequently to any heirs or beneficiaries. This process is governed by the annuity contract's specific terms and any legal will the deceased person has left.

How long does it take to get your money if you win the Powerball? ›

Your first annuity payment, or the single cash option payment, should arrive within six to eight weeks. There are generally no California state taxes for Lottery prizes, but we are required to withhold federal taxes. With an annuity prize, payments are made based on a graduated or a straight payment structure.

What does 2 numbers on Powerball get you? ›

Yes, you can win money if you have 2 numbers in Powerball. Here is a breakdown of the prizes you can win based on the number of matching numbers [2]: Match 2 + Powerball: If you match two numbers and the Powerball, you win $7. Match 2: If you match two numbers without the Powerball, there is no prize.

Did anyone win the Powerball April 20, 2024? ›

Did anyone win Powerball drawing, Saturday, April 20, 2024? There was no grand prize winner, but there was a Match 5 winner worth $1 million in Ohio and Puerto Rico. There was also $150,000 winner in Delaware after a ticket got four white balls and the red Powerball along with the Power Play.

What is the next drawing of the Powerball? ›

Drawings are every Monday, Wednesday and Saturday at 7:59 p.m. Find out where to play here.

How much would you get if you won $100 million dollars? ›

Note that for a jackpot winner who chooses the discounted lump-sum option, the after-tax winnings will be about 30% of the headline jackpot (e.g., a $100 million win will result in around $30 million for the winner, depending on state income tax rates and the exact discount for taking the lump-sum).

Who won the $2 billion lottery after taxes? ›

After taxes, Castro walked away with $628.5 million, USA TODAY reported. Though he declined to appear publicly when he claimed the grand prize two months after the drawing, Castro complimented California public schools "as the real winner" and said in a written statement he was shocked and ecstatic.

How much is the 1.4 billion after taxes? ›

For a $1.4 billion jackpot, you'd take home $386.82 million after federal taxes. Most winners still choose the lump sum option because the winnings can be invested right away.

How are gambling winnings calculated for taxes? ›

If you have won more than $5,000, the payer may be required to withhold 28% of the proceeds for Federal income tax. However, if you did not provide your Social Security number to the payer, the amount withheld will be 31%. The full amount of your gambling winnings for the year must be reported on line 21, Form 1040.

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