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Next Powerball Drawing
Today$131,000,000Estimated jackpotWinning numbersPowerball07/24- 16
- 42
- 59
- 63
- 68
- 13★
Drawing days Wednesday & Saturday at 10:59pm ET / 7:59pm PTwww.powerball.comA federal tax of 24 percent will be taken from all prizes above $5,000 (including the jackpot) before you receive your prize money. You may then be eligible for a refund or have to pay more tax when you file your returns, depending on your total income.
Here’s how much taxes you will owe if you win the current Powerball jackpot. You can find out tax payments for both annuity and cash lump sum options. To use the calculator, select your filing status and state.
Jul 11, 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...
Apr 4, 2024 · The federal tax rate of 37%, the top federal tax rate, applies to the portion of your winnings that exceeds $1 million, including lottery winnings from mega millions or Powerball. Additionally, state income taxes may also apply, depending on where you live.
Lottery winnings are considered taxable income for both federal and state taxes. Federal tax rates vary based on your tax bracket, with rates up to 37%. Winning the lottery can bump you into a higher tax bracket. Lottery winnings don’t count as earned income for Social Security benefits.
Federal Taxes: Income tax withheld by the US government, including income from lottery prize money. This can range from 24% to 37% of your winnings. State Taxes: Additional tax withheld, dependent on the state. This varies across states and can range from 0% to more than 8%.
Nov 4, 2022 · The top federal income tax rate is 37% and this year applies to income above $539,900 for individual tax filers and $647,850 for married couples. Next year, the top rate is imposed on income...
