Powerball and taxes: What you have to pay if you win the $935 million

lottery tax calculator powerball
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lottery tax calculator powerball Before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000, CNBC explains Out of  Prize money = taxable income: Lottery winnings are taxed like income, and the IRS taxes the top income bracket % The government will  Initially, the winner will have 25% withheld for federal taxes plus the state withholding tax (which in many states is the income tax rate but

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