Maybe it's a good thing that you didn't win last night's $1.5 billion Powerball jackpot.
While all states (except California, Delaware and Pennsylvania) tax lottery winnings, Georgia has one of the highest withholding rates in the country, according to the Tax Foundation.
The organization developed a color-coded map to show the tax rates for each state that has a lottery. So, let's pretend that did you win last night's jackpot and opted for the lump sum of $930 million. Federal taxes of $232 million will be withheld, and $56 million for state taxes. That leaves you with $642 million. However, you will have to pay an additional $136 million when you file federal taxes in April.
Ultimately, you would net $506 million — about a third of the winnings.
States with the highest lottery withholding tax rate
1. New York, 8.82 percent
2. Maryland, 8.75 percent
T3. Oregon, 8 percent
T3. Washington, D.C. 8.5 percent
5. Wisconsin, 7.75 percent
6. Idaho, 7.4 percent
7. Minnesota, 7.25 percent
8. Arkansas, 7 percent
« 3 times Georgians actually did win the Powerball jackpot »
9. Montana, 6.9 percent
10. Connecticut, 6,7 percent
11. West Virginia, 6.5 percent
T12. Georgia, 6 percent
T12. New Mexico, 6 percent
T12. Vermont, 6 percent
T12. Kentucky, 6 percent
Click here to read more about state lottery tax withholdings.
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