How Taxes on Lottery Winnings Work

How Taxes on Lottery Winnings Work powerball lottery tax calculator Powerball Jackpot Analysis ; Gross Prize: 30 average annual payments of $1,800,000 Cash: $25,900,000 ; - 24% federal tax: - $432,000 - $6,216,000 ; powerball lottery near me Powerball winnings are taxed as ordinary income This means, effectively, at your marginal rate

powerball lottery jackpot calculator Still, you'll probably owe more when taxes are due since the top federal tax rate is 37% So a good first step a lottery winner could take is to