Here's what the $1 billion Powerball winner could owe in taxes

tax on lottery winnings usa
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Right away, 24% of that cash value is withheld for federal taxes and goes to the IRS, TurboTax explains So if the Oregon Powerball winner does

How Much Are Lottery Winnings Taxed? · 24% withheld from $930 million = $232,200,000 · Additional amount you need to pay with a 37% tax rate: $111,900,000 · Total

tax rate on lottery winnings If the winner chooses the more popular lump sum option, the winnings would be reduced to $ million after a mandatory 24% federal tax

tax on lottery Not all states tax for lottery winnings, Federal does though Federal is entitled to 28% under 500k Over 500k they can take up to like 38% For