Powerball's top prize is $353 million, Mega Millions is at $160 million. How winners would be taxed
Of course, the advertised amounts are not what winners take home.
For the $353 million Powerball jackpot, the cash option — which most winners choose instead of payments spread out over three decades — is $256 million. Before any of the windfall reaches the winner, however, a 24% federal tax withholding of $61.4 million would be shaved off the top, leaving $194.6 million.
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