If you win the Powerball jackpot, your winnings drop significantly after taxes. Here's what to expect.
"One thing that's unique about the lottery is that you can accept it over a 30-year period with annuity payments," said certified financial planner John Chichester Jr., founder and CEO of Chichester Financial Group in Phoenix. "That offers a lot more flexibility in how you pay the taxes."
Rather than a larger, upfront tax bill, you can take the annuity payment and invest the money in a tax-efficient manner, said Chichester, who is also a certified public accountant.Almost $90.9 million goes to the IRS Before winners see a penny of the multimillion-dollar jackpot, there's a mandatory 24% federal withholding that goes to the IRS. The withholding applies to winnings of more than $5,000.
If you choose the $378.8 million cash option, the 24% withholding automatically reduces your cut by about $90.9 million. However, many taxpayers wrongly assume they're off the hook after that 24%, Chichester said.watch now
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