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

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The IRS charges a flat rate of 24% on all lottery winnings over $5,000 For example, if you won $1 million, you would pay around $240,000 in

All winnings over $5,000 are subject to tax withholding by lottery agencies at the rate of 24% This potentially leaves a gap between the With a large jackpot, if the winner opted for the lump sum cash value, they would be subject to federal income tax at the top tax rate, which is 37% (So after

postcode lottery prize voucher How much taxes take from the $ billion Powerball prize If the Powerball winner takes the lump sum payment, right away, nearly a quarter of The chances of winning the Powerball jackpot are about 1 in million, the game's rules say Both Mega Millions and Powerball task players