The $1.9 billion Powerball jackpot — the largest ever — is up for grabs. Here's the tax bill

Whoever is the adjacent jackpot victor successful Powerball volition beryllium looking astatine the largest lottery prize ever awarded.

The taxation measure volition besides beryllium beauteous impressive.

After nary 1 deed each six numbers drawn Saturday, the Powerball jackpot headed higher. For Monday night's drawing, it's present an estimated $1.9 cardinal if taken arsenic an annuity dispersed implicit 3 decades and $929.1 cardinal if received arsenic an upfront, lump sum of currency — that's astir a $1 cardinal quality successful the 2 options.

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These days, the annuity enactment is bigger than it antecedently was, comparative to the currency option, owed to higher involvement rates that marque it imaginable for the crippled to money larger annuitized prizes, according to the Multi-State Lottery Association, which runs Powerball. The currency option, however, is driven by summons sales.

The apical prize has been rolling higher done thrice-weekly drawings since Aug. 3, erstwhile a summons bought successful Pennsylvania matched each six numbers drawn to onshore a $206.9 cardinal jackpot. 

So what would that taxation measure beryllium if you were to deed the motherlode?

Assuming you were similar astir winners and chose the currency option, a 24% national taxation withholding would trim the $929.1 cardinal by $223 million.

However, much would apt beryllium owed to the IRS astatine taxation time. The apical national income taxation complaint is 37% and this twelvemonth applies to income supra $539,900 for idiosyncratic taxation filers and $647,850 for joined couples. Next year, the apical rate is imposed connected income supra $578,125 (individuals) and $693,750 (married couples).

This means that unless you were capable to trim your taxable income by, say, making charitable donations, different 13% — oregon astir $120.8 cardinal — would beryllium owed to the IRS. That would construe into $343.8 cardinal going to national coffers successful all, leaving you with a $585.3 million.

State taxes mightiness besides beryllium due, depending connected wherever the summons was purchased and wherever you live. While immoderate jurisdictions person nary income taxation — oregon bash not taxation lottery winnings — others enforce a apical taxation complaint of much than 10%.

Meanwhile, if you were to take the annuitized amount, it would beryllium taxed arsenic it's distributed each twelvemonth and would beryllium taxable to then-current taxation rates.

The accidental of a azygous summons hitting the Powerball jackpot is astir 1 successful 292 million.

That's a tad amended than the 1 successful 302 cardinal accidental that comes with Mega Millions, whose apical prize is $154 cardinal ($74.7 cardinal cash) for Tuesday night's drawing.