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Winning the Powerball jackpot is a euphoric moment, but understanding the tax implications is crucial. The federal government taxes lottery winnings, and the tax fee can go as high as 37%. Additionally, most states tax lottery winnings as nicely, which can take a substantial chunk out of your prize. Winners can select between an annuity option, paid over 30 years, or a lump sum payment, which is considerably lesser but offers instant entry to the prize c

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