Winning ticket for Powerball's $366.7 million jackpot sold in Vermont. Here's the tax bite for the winner

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For this jackpot, a required federal tax withholding of 24% would reduce the $208.5 million cash option by about $50 million.

More would likely be due, as well.

The chance of a single ticket matching all six numbers drawn in Powerball is about 1 in 292 million.

or

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Category: Economy

Topics: Personal taxes Government taxation and revenue Personal finance Taxes Windfalls Gambling Wealth Vermont Cnbc Investing Internal Revenue Service Source:tagname:CNBC US Source Lottery operators Lotteries State taxes Personal Finance Articles

Source Website Secure: Yes (HTTPS)

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Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-30, 18:29:59

News Timezone: GMT -5:00

News Source URL: cnbc.com

Language: English

Reading Time: 3 minutes read

Article Length: 455 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 23488

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