I tried to do a search on lottery PB tax.

Reply #2

Badger — Thu, 16 Feb 2006 23:47:41 GMT

As mentioned, the 177.3 million is the cash option (if you don't want to take the annuity)

Whatever one you take, expect the Federal government to take 40% of it. Depending on what state you live in, expect the state government to take their highest amount (here in Wisconsin they take 7%)

Basically, whatever you win, subtract at least half from it, and that's what you get.

Reply #1

ryanm — Thu, 16 Feb 2006 19:54:06 GMT

$177.3 million is not the after tax value of the jackpot. It is the cash value option. The advertised amount, $365 million, is the total before tax amount you would receive if you took the annual payments, which are paid in 30 graduated installments, to adjust for inflation. $177.3 million is the amount the MUSL would have to invest to support the annuity payments if you took that option.

I tried to do a search on lottery PB tax.

Korean Redneck — Thu, 16 Feb 2006 18:44:56 GMT

So if the current Indiana Powerball is at $365,000,000. Why is the prize only worth 177.3 million? What other taxes do I have to pay? Im not understand.. my comprehesion and grammer are no good. Thats what I'm going to do with my lottery winnings.. go to English grammer school.