How much of that Powerball jackpot can you really keep? - WNCN: News, Weather

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How much of that Powerball jackpot can you really keep?

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LARGO, FL (WFLA) -

Forget the astronomical odds. You just want to have some fun. And a cool 6-hundred million would certainly buy a lot of fun and all that lottery cash pumps millions into schools. "Florida education is already a winner. The series of draws generated an additional forty-one million dollars for education. That means that's more money in the classroom, more money for k-12, more money for colleges and universities" said Secretary of the Florida Lottery, David Bishop.  

We asked some Lottery players to estimate final take home, on a lump sum Powerball jackpot. One guy guessed $300 million. The answer is $236.6 million. "That's a big cut" said John Van Horn. Another player aimed higher, $400- to $425 million. His reaction when told the truth. "Wow. Yeah, really surprised. That hurts. But hay, I'd take the lump sum" said Mark Nelson.

Here's the breakdown:

The Powerball jackpot has climbed to 600 million dollars.

And here's what you get for the lump sum payout: around 377 million.

But, don't forget the 140 million in federal taxes that you owe.

That makes for a final winnings total of 236-point-six million dollars.

Dr. Roy Kaplan says play if you want a harmless diversion but he says lottery is really a regressive tax. "The people who participate more are the ones who earn lower amounts of money. And then what we're asking them is to bear the burden of the state's irresponsibility" And Dr. Kaplan would like to see more help for people with gambling additions. "My problem is not with allowing people to play lottery. It's whether or not the state should actually encourage this kind of behavior" said Kaplan.

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