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The winner has been revealed. After a month of waiting, it turns out an 84-year-old woman in Florida has won the $590 million Powerball lottery.
Now, as for how much tax she's going to have to pay on that $590 million, the IRS said it's too soon to tell 'cause they don't know whether she's a a Republican or a Democrat. So it's going to be a while -- it's going to take a while to figure that out.
The winner has been revealed. After a month of waiting, it turns out an 84-year-old woman in Florida has won the $590 million Powerball lottery.
Now, as for how much tax she's going to have to pay on that $590 million, the IRS said it's too soon to tell 'cause they don't know whether she's a a Republican or a Democrat. So it's going to be a while -- it's going to take a while to figure that out.
Out of any and all lottery winnings, doesn't the winner usually only wind up with about 1/2 of the original jackpot, after taxes?
They end up with about 2/3 of the winnings.
Since the taxes are paid up front, the remainder that the winner receives is never taxed again.
Any interest that the money accrues through investment or savings accounts is taxable, but the winners who invest the money wisely often never touch the winnings and just live off the principal that it accumulates.
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