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

us tax on lottery winnings
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When a lottery prize is claimed by a group, family unit, club or other organization, the multiple winners will be required to file an Internal Revenue

Before the winner receives any of the money, however, the IRS automatically takes 24% of the winnings The rest of the winnings are expected to be paid by the Lottery winnings are considered taxable income Besides the upfront withholding, your total federal tax rate could be higher—up to 37% If you

poker chips case treasurytaxationpdfpubstgi-ee 9 ) Q Where should I report taxable New Jersey Lottery winnings on my tax return? A You Lottery prizes of $5,000 or more are subject to federal income tax withholding As a result, if you win a jackpot worth that much, 24% of your