The Powerball jackpot jumped to $875 million. Here's what to expect for taxes if you score the winning ticket.
Winners need to plan for a hefty upfront federal withholding. The IRS requires a mandatory 24% withholding for winnings of more than $5,000.
"That's exactly what happens with the lottery," he said. "The 24% [withholding] is not the only tax bill" because the highest federal tax bracket includes another 13%.for 2023, millions from the lottery still pushes the winner into the 37% bracket. But the 37% rate doesn't apply to all of your taxable income. For 2023, single filers will pay $174,238.25, plus 37% of the amount over $578,125. As for married couples filing together, the total owed is $186,601.50, plus 37% of the amount above $693,750.
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