Right off the bat, the IRS would shave tens of millions of dollars off the windfall, and more would be due at tax time.
With no one hitting all winning numbers in Saturday night's Powerball drawing, the top prize has jumped above the half-billion-dollar mark.
"The big impact on winnings is taxes," said certified financial planner Dan Routh, a wealth advisor at Exencial Wealth Advisors in Oklahoma City."If you win, just realize how big the tax bill can be and make sure you're ready to handle it."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Here's the tax bill if you hit the $448 million Powerball jackpotIf there's a winner in Wednesday night's drawing, the IRS will get tens of millions of dollars.
Read more »
Powerball jackpot swells to $495 millionThe drawing on Saturday is for the largest lottery jackpot so far this year.
Read more »
The Mega Millions jackpot on Friday night was worth $40 Million. Did anyone win the jackpot prize?The latest Mega Millions drawing was worth $40 million with a cash option of $24.1 million.
Read more »
The Powerball jackpot is nearly $450 million. We did the math to see if you should buy a ticket.The low probability of winning and the risk of splitting the prize in a big, highly covered game mean you'd probably lose money.
Read more »
Ex-wife of $273 million lottery winner does not want him back: 'I have morals'Ex-wife of $273,000,000 lottery winner does not want him back: 'I have morals'
Read more »
Here's when the IRS says you can expect to get your tax refundThe IRS 'will be doing everything it can' to have a smooth filing season, says Commissioner Chuck Rettig.
Read more »
Analysis | Larry Kudlow’s claim that ‘we have virtually paid for’ Trump’s tax cutFact Checker: Larry Kudlow’s claim that 'we have virtually paid for' Trump’s tax cut
Read more »