Powerball winnings after taxes: How much the winner could actually take home in Texas
Saturday, July 15th's Powerball jackpot has increased to an estimated $875 million dollars and plenty of people are rushing to get tickets.
If you beat the odds and match all six numbers you will take home much less than $875 million (not that you'd complain).
Winners can choose to have their prize money paid out in 30 payments over 29 years, or in a lump sum.
Powerball drawing: No big winner Wednesday night, jackpot climbs to $875 million
152,465 people in Texas won SOME money in Wednesday's drawing.
If there is a single winner of the $875 million jackpot, those who pick the cash option will receive an estimated $441.9 million.
Then there are the taxes. The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately $335,844,000 for a winner choosing the lump sum.
The winner will also likely owe more when they file their 2023 federal income taxes.
Texas is one of 10 states that does not tax lottery winnings at the state level.