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

What Taxes Are Due on Gambling Winnings? taxes on 100 000 lottery winnings Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no taxes on lottery As per the Income Tax rules, money won in a lottery or any competition is taxable You will have to pay a flat 30 per cent of the winning amount

taxes on lottery winnings in texas Typically, the lottery deducts 24% for federal taxes and 7% for state taxes before awarding winners with their checks “With taxes taken out,