What would the $ billion Powerball jackpot's tax bill be in your

The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in

“The 37 percent you pay now in 2023 is really a low income tax bracket,” Panouses said He predicts that the rate will go up over the next

federal tax for lottery winnings Appropriate federal and state income taxes will be withheld regardless of which payment option you choose · The IRS requires the Arkansas Scholarship Lottery to

federal lottery Lottery winnings that are more than $5,000 get a federal tax of 24 There are also additional federal taxes of about 37% In total