Of course, the two winners sharing $ 687.8 million Powerball jackpot will not end with the announced amount. Whether they…
Of course, the two winners sharing $ 687.8 million Powerball jackpot will not end with the announced amount. Whether they take their trip as a lump sum or as an annuity spread over three decades, federal and state taxes will eat a large amount of their vapor.
“The profits are amazed at how much remains in the taxes from the initial payment, and how much more they owe their taxes the following year,” says Jason Kurland, a partner at Rivkin Radler, a law firm in Uniondale, New York.
“All the numbers involved in these huge jackpots are staggering, and taxes are no exception,” says Kurland, helping big lottery winners navigate in their fall.
If the winners go with immediate one-time payment They start with $ 1
98.1 million (against $ 343.9 million) if they would choose annuity.) The federal government will shave 24 percent directly by the flag – and more will be paid at tax time.