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| Topic | Mega million... Half a billion dollars in the U.S...what would you do if you won |
| emblem-man 08/23/24 8:31:19 AM #49: | iwasapoetonce posted... how much of this is taxed? I'm not saying hypothetically. I'm asking when someone wins such a high amount, how much goes to the government? It's taxes at the top tax bracket for federal taxes, which is 37%. Have to keep on mind though that If anyone wins the Powerball or another lottery prize, they can choose to receive the payout in one of two ways. They can receive the money in a lump sum payment. If you take the lump sum, you are actually given just the "cash value" for it. For example, for Powerball's $1.326 billion jackpot, the cash value was $621 million. That cash value is then what gets taxed --- Harris-Waltz 2024 https://imgur.com/gallery/o47SI9Y ... Copied to Clipboard! |
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