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

federal tax rate on lottery winnings
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Sales Tax Rate Charts · Tax Facts · Statistics · Online Services · Contact · About The state of South Dakota does not tax lottery winnings How can I hear

Depending on your other income and the amount of your winnings, your federal tax rate may be as high as 37% gambling, 24% must be withheld The IRS views lottery winnings as ordinary income The top tax winning the lottery would bump the winner — has a 37 percent tax rate

best scratch off lottery tickets to buy in indiana Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home That's because lottery winnings are generally taxed as ordinary income at the federal and state levels In fact