Different Tax Rates Apply For 3 Powerball Winners

February 24th, 2015   ·   Add Your Comment Now...

It might be hard to believe, and some may even say it’s not fair, but the three winners who shared a $564 million Powerball jackpot will not take home the same amount!

Powerball announced that three winning tickets won the huge jackpot, which will give them equal shares of about $188 million from the lottery.  However, the winner from Puerto Rico does not have to pay local or federal state taxes. The winner from Texas has to pay only federal income tax, while the winner from North Carolina has to pay both federal and state taxes.

As a result, if all of them opt to receive their prizes as lump sums, the Puerto Rico winner will pocket $127 million, the Texas winner $76.78 million and the North Carolina winner “just” $69.47 million.

Read more in http://www.detroitnews.com/story/news/lottery/2015/02/22/powerball-winners-net-winnings-differ/23853447/

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