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Powerball cash option $198 million, what?
would be the income tax on that amount. Is it about 40% in that tax bracket? I obviously have never made anything even remotely near that much have no idea what the tax would be. My wife and I are both over 60 and yes I know it's nearly impossible to win, so we would take the cash. It's fun to dream about it and even though the odds are bad, someone close to where I live did win over 200 million last year. There must be a CPA out there who would know. I will pick best answer by tomorrow night.
1 Answer
- shoredude2Lv 78 years agoFavorite Answer
The highest tax bracket is 39.6%. And depending on what state you are in, there will be additional state taxes as well.
However, you most likely won't pay 39.6% in tax. Only the amount in that bracket gets taxed at that amount. And whether you file single or married will make a difference as well.
