You just won Monday's $1 billion Powerball jackpot. But all of a sudden, that money is a lot smaller than $1 billion, thanks to those pesky federal and state taxes. Not actually a billion dollars ...

When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal government takes 24% of the winnings off the top. But ...

If you live in New York, get out your wallet, because the state taxes lottery winnings at 8.82%. The lump sum most New York residents would get after federal and state taxes would be $368,852,945.

FILE PHOTO: If you win the lottery you will get a pile of money, but it may not be as much as you think. (jodi jacobson/Getty Images) By Debbie Lord, Cox Media Group National Content Desk.

See how much money you’ll get if you win the lottery. ... Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you’ll be cutting $8 million from the annual payments.

Saturday’s Powerball drawing is worth a whopping $1.6 billion, the largest lottery jackpot in history, with a cash option of $782.4 million.

How Much Lottery Money Do You Really Have to Win to Get One of Those Giant Novelty Checks? Maybe as little as $1. By Molly Olmstead. Jan 31, 2019 8:00 PM. Photo illustration by Slate.

When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal government takes 24% of the winnings off the top. But ...

If you live in New York, get out your wallet, because the state taxes lottery winnings at 8.82%. The lump sum most New York residents would get after federal and state taxes would be $368,852,945.

State tax rates on lottery winnings vary. If you live in Georgia, your state tax rate for lottery winnings is 5.75%. That means you get $162,627,045 after taxes. If you live in New York, get out ...

If you live in New York, get out your wallet, because the state taxes lottery winnings at 8.82%. The lump sum most New York residents would get after federal and state taxes would be $243,348,812.