If the powerball is 250 million dollars how much would i actually recieve after taxes were taken out? Steph
The amount you would receive for winning the Powerball for 250 million dollars would be about 150 million dollars, if you choose to take one lump sum. Tax rates vary depending on the exact amount won and what state taxes you may have to pay, which vary by state. For the Powerball, usually 35% is taken out immediately by the Federal government. If taken as an annuity, a person can receive more money over time because they are paid a smaller amount every year and pay yearly taxes in a lower tax bracket.
Updated on Saturday, February 18 2012 at 12:27AM EST