Otherwise if you croak your dependants have to pay tax on the 1.5 billion before getting a dime. Good luck with that loan.
need to cash it out and pay taxes
Otherwise if you croak your dependants have to pay tax on the 1.5 billion before getting a dime. Good luck with that loan. always look out for number one and don't step in number two |
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The taxes get removed before you get the money, IIRC
So with the immediate payout 1.5B ends up being about 500M before you get anything. Regards, -scott Welcome to Rivendell, Mr. Anderson. |
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but not if you take payments
the taxes are removed during each annual payment. However of you pass all taxes on the balance needs to be paid before heirs get a dime always look out for number one and don't step in number two |
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Some state-by-state calculations.
https://www.usamega.com/powerball-jackpot.asp It doesn't seem to say anything about dying early, though. Assuming a $1.5B jackpot: Louisiana: 5% State Tax - $2,644,000 for annuity - $49,175,000 for lump sum Cheers, Scott. (Presumably the first thing the winner will do is talk to a tax advisor and learn the skinny for their particular circumstances.) |