How much would the $ billion Powerball jackpot's tax bill be?

How much taxes take from the $ billion Powerball prize taxes on $1 million dollars lottery winnings When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal taxes on $5 You're required to report all of your gambling winnings as income on your tax return, even if you end up losing money overall · You may receive

taxes lottery winnings The 2024 federal tax brackets place the Mega Millions jackpot winnings at a 37% tax rate, whether the winner opts for the lump sum or not That's because the 37