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Next Powerball Drawing
Tomorrow$120,000,000Estimated jackpotWinning numbersPowerball05/22- 05
- 16
- 18
- 26
- 67
- 04★
Drawing days Wednesday & Saturday at 10:59pm ET / 7:59pm PTwww.powerball.comFederal Tax Obligations; $0-$600: No deductions: $600.01 - $5,000: Winnings must be reported on federal income tax form: $5,000.01 and above: 24-37%, depending on prize amount
Apr 7, 2024 · With a large jackpot, if the winner opted for the lump sum cash value, they would be subject to federal income tax at the top tax rate, which is 37%. (So after the 24% off the top, that is...
Jul 18, 2023 · Winners in those could pay as much as 10.75% in state or local taxes, according to USA Mega. It notes there may be "niche tax law" that could cause the actual rates to differ from the below,...
- 5 min
- Alicia Adamczyk
Oct 1, 2023 · A 24% federal tax withholding is taken right away, dropping the lump sum estimate to about $363.4 million. Because the federal government counts lottery winnings as income, the winner...
Total prize after federal income tax = $585,900,000. TurboTax Tip: If you join a lottery ticket-buying pool and win, you’ll be responsible for paying taxes on your portion of the winnings.
- (672.8K)
- Intuit Turbotax
Jul 18, 2023 · After federal taxes have been taken, USA Mega estimates the lump sum will be worth $325 million while the annuity will be worth an average of $21 million per year. State taxes on lottery...
Jul 24, 2023 · The Powerball winner will still have to pay taxes at their federal tax rate, which will very likely be the top-tier rate, currently 37%. That means, if the winner is single, they would pay...
