A question regarding the "one lump sum" prize option for Powerball in the state of North Carolina.=)

Reply #9

SpanaUnlimited — Tue, 31 Mar 2009 01:18:47 GMT

Also keep in mind that although the MUSL withholds 25% before they even write you a check. Remember most likely you will be in the 35% tax bracket for the yr. I would suggest contacting tax professionals to deal with this should you ever win

Being in the middle-class most of us are use to having our employers do payroll withholding and we are only paying taxes at one-time when we file(usually April). Usually the point of payroll withholding is so we don't even have to pay....sometimes we get... [ More ]

Reply #8

KY Floyd — Mon, 30 Mar 2009 14:30:49 GMT

Here's a link to a site with all the tax info you need: http://tinyurl.com/cas9

Reply #7

Todd — Mon, 30 Mar 2009 13:26:26 GMT

Just pick the forum that most closely matches the topic rather than double-posting -- people will find it

Reply #6

Todd — Mon, 30 Mar 2009 13:25:30 GMT

Reply #5

libra — Mon, 30 Mar 2009 13:25:29 GMT

To get a ballpark figure after State and Federal taxs , Take the lump sum and divide it by 3, then multiply the answer by 2. It's usually pretty close.

Libra Dave

Reply #4

Power-Balls — Mon, 30 Mar 2009 13:06:49 GMT

Ok, thanks again!

It sounds kinda high (25% tax), but I guess with the amount of money received, it would have to be that high... *sigh

Reply #3

libra — Mon, 30 Mar 2009 13:00:53 GMT

If you look at the top of the Jackpot Analysis page it says that the Federal Tax is 25%.

Libra Dave

Reply #2

Power-Balls — Mon, 30 Mar 2009 12:56:53 GMT

Ok, thanks!

Now, do you know how much they withhold for federal taxes?

It mentioned a flat 30%, but that sounds really high. Is that just for non-US citizens? And if so, how much is the federal tax rate for the Powerball winnings for US citizens

Reply #1

libra — Mon, 30 Mar 2009 12:47:17 GMT

On the left side of this page you will see an icon for USA Mega. Click on it. When it opens go to the left side of that page scroll down and you will find Power ball. Then look for JACKPOT Analysis. Click on it. North Carolina State tax is 7%.

Libra Dave

A question regarding the "one lump sum" prize option for Powerball in the state of North Carolina.=)

Power-Balls — Mon, 30 Mar 2009 12:26:54 GMT

If you win the Powerball Lottery in the state of North Carolina, and choose to take the cash option (one lump sum ) as your prize, how much taxes (Federal and NC State - percentage wise) do they take out of your winnings?

Thanks,

~Power Balls

(PS- Not sure which section this post belongs in. So I put it in both.