Last month, a Massachussetts woman won the largest undivided Powerball jackpot. After she opted for a lump-sum payment, her prize of nearly $759 million shrunk to $480 million. But federal and state withholding took their toll as well – reducing her take-home amount to $336 million. She can expect to pay even more when she files her tax return.
Take a look at this infographic to learn more about Lottery money. If you are going to be next lucky winner, we advise you to contact a CPA that can help you to determine how you can get the most out of your prize over time.