Washington states Lottery Powerball
The winner of the Powerball lottery will receive a lump sum of $360 million before state and city taxes are deducted. Some states charge both residents and nonresident ticket-buyers state-level income tax on lottery winnings, while others don’t. That could mean clearing as much as $270 million in some states or as little as $231 million in New Jersey or $238 in New York, according to USAMega.com, a national lottery resource. Of course, the final IRS bill could end up cutting that total down even further. The jackpot is worth the most in Texas, Florida, Tennessee, Washington State, Pennsylvania, South Dakota and New Hampshire, the seven states that don’t tax Powerball winnings.
Big spenders should also beware: States have wildly different rates of sales and property tax. Tennessee, for instance, has the highest combined state and local sales tax rate in the U.S., according to a recent report by the Tax Foundation, a research group. A 7% sales tax and an average 2.45% local sales tax brings the total to over 9%, the foundation says. “If you win the lottery and you decide to buy a lot of taxable products, you’re going to pay more for them, ” says Gerald Prante, economics professor at Lynchburg College in Lynchburg, Va., and a former tax consultant. New York residents pay the most property tax — an amount that works out to about 12.8% of their income — while Alaskans pay 7% of their income, the Tax Foundation says. See How to Spend a $500 Million PowerballJackpot
Here's how to spend the $500M Powerball jackpot(2:24)
Marketwatch's Quentin Fottrell has a shopping list for the lucky winner of the Powerball lottery jackpot, which approached $500 million. Photo: Getty Images.
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How to Play the Rhode Island Powerball Lottery
The Powerball lottery involves choosing five numbers between one and fifty-five and one Powerball lotto number between one and forty-two. If you match all six numbers, you win the jackpot. You can also play a Power ball Power Play option. It costs a dollar extra to play this feature, but if you win any prize besides the jackpot, the prize is multiplied by five.