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

how much does the irs take from lottery winnings
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Federal lottery taxes are determined by the income bracket the winnings fall into Currently the two highest income brackets are taxed at 37%

The only allowed deductions are the various wager or ticket costs and then only when you itemize deductions Winnings from foreign countries, as Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

how much is a spanish lottery ticket 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 Lottery and Gambling Winnings · Withholding Rate from Gambling Winnings New Jersey Income Tax is withheld at an amount equal to three percent (3