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$730M Powerball jackpot winner faces single-digit state tax rate – Fox Business

The rate remains below 10% whether the winner takes the lump sum or the annuity option.



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A Maryland resident was the lucky winner of Wednesday’s $731.1 million Powerball jackpot, the fourth-largest in the game’s history.
The good news for the winner, who purchased the ticket in Alleghany County, is he or she faces a single-digit state tax rate.
Maryland’s lottery would earn $49 million in state taxes on the lump sum cash option – a rate of 8.95%.
The state would take 8.95% each year on the annuity option.
The not-so-good news is that he or she still owes federal taxes, which will take…

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