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$716 Million Powerball Winner Faces Taxes | Los Angeles News
The Powerball jackpot is currently $716 million, but winners won't take home that whole amount. Opting for the lump sum would yield about $307.2 million, but taxes significantly reduce this. The IRS withholds 24%, equating to roughly $73.7 million. Additionally, winners face another 13% tax during filing, further cutting potential earnings. The final payout varies by state: winners in no-income-tax states could keep around $193.5 million, while those in New York might take home about $164.4
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