12/11/2023 0 Comments Current jackpot for powerball![]() That’s because some states don’t tax lottery winnings. The amount of tax a winner will have to pay will depend on factors including the payout option that the winner chooses and the applicable state tax rate. ![]() One of those tax bills will be from the federal government and, depending on where a winner lives, another could come from the state. In either case, while billions of dollars (as in the case of the most recent winning $1.765 billion jackpot) is a bunch of money and $774.1 million (the cash value of that jackpot) is a huge lump sum, any lucky lottery winner will also be looking at significant tax bills. Most lottery winners choose the lump sum payout. ![]() They can receive the money in a lump sum payment. ![]()
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