A $1.9 billion Poweball jackpot with a $929 million cash value option. What's left for Texas winners after paying taxes?
For those who take the cash value option, which is most lottery players, they'll take home an estimated $929.1 million. They'll owe taxes on that, of course, which is a hefty, hefty part of the prize., in Texas the only taxes due on lottery winnings of more than $5,000 are federal taxes -- there is no state tax on lottery winnings. So, should a ticket bought in Texas win the jackpot the winner will only have to pay the federal government their 24% cut.
But, as an astute NBC DFW reader pointed out, the winnings are taxed as income and a jackpot of that size will firmly push the winner into the top tax bracket where you'd owe 37%. That sounds like a lot, and it is, but if you win you'll still get to keep 63% and that's not too bad on any jackpot. Some quick math shows if a Texas player wins the $1.9 billion Powerball jackpot on Monday and took the cash value option they'd ultimately walk away with about $585,333,000 after paying $343,767,000 to the federal government.
That's a big check to write, but one we suspect most anyone would probably be happy to do considering what they'd get to keep. Of course, should you win you'd want to consult with a legal or financial tax expert to determine your final tax liability.and the Texas Lottery, the winnings after taxes are listed below for upcoming drawings.- $154M Tuesday, $74.7M cash value -- $47.1M after taxes.-- $12.25M Monday, $6.96M cash value -- $4.4M after taxes.
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