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

federal tax on lottery winnings
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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

Lottery winnings are considered taxable income, and the IRS requires winners to report their winnings on their tax returns The federal tax rate

federal lottery tax If you live in one of ten states that don't tax lottery winnings, you're probably off the hook for state income taxes They include: Alaska

federal tax on lottery winnings In Pennsylvania, all lottery winnings are subject to the commonwealth's % state personal income tax, plus an additional 24% through federal