How much $1B Powerball winner takes home after taxes

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In Texas, prizes from these lotteries are paid out by the Texas Lottery Commission directly to local winners To claim Powerball and Mega Millions prizes of

If the prizes are given in kind, say a car, the prize distributor shall ensure before releasing the prize that tax has been paid Tax is paid Every Mega Millions or Powerball jackpot winner has the option to take cash now in a one-time lump sum or opt for 30 annual payments

triple sevens slot machine The winner must choose between the annuity option and the cash lump payment on the jackpot Then, the federal tax will be deducted, followed by the state tax  Of the 50 cents of each dollar that goes to prizes, cents goes to pay off fixed prize winners and the rest, the powerball FAQ says, thirty