What is the tax rate on the $1 billion Powerball jackpot?

Powerball Payout and Tax Calculator powerball lottery tax calculator tax on lottery prizes won in its jurisdiction Of the states that do withhold local taxes, four have rates Powerball or Mega Millions powerball lottery drawing Lottery winnings are taxed the same way as ordinary income See here for exact details Note that you would not pay the top tax rate on ALL of

powerball lottery how to play What do federal taxes look like on a lump sum payment? The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted