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$716 Million Powerball Winner Faces Major Tax Cuts | Houston News
The Powerball jackpot has reached an estimated $716 million, but winners should be aware of the significant tax implications. Choosing the lump sum option results in about $307.2 million in cash, which is subject to federal taxes that can reduce the take-home amount to approximately $193.6 million. State taxes vary widely, with some states having no income tax, while others like New York drastically cut winnings. Ultimately, if you win, expect to take home between $164 million and $193 million
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