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

lottery winner taxes
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Under Act 84 of 2016, the Pennsylvania personal income tax of percent now applies to Pennsylvania Lottery cash prizes paid after January 1, 2016

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 The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn

best slot on bet365 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 The Powerball jackpot has grown to an estimated $1 billion Here's what the winner can expect to pay in taxes