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

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When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal

For winnings over $5,000, the payor must withhold a minimum of 28% for federal withholdings and up to 15% for state withholdings You will pay Winnings are subject to federal and state income taxes Most tangible prizes like cars and homes are taxed at their fair market value Lottery winnings are

lottery sambad tata IBP USA Substantial Tax Relief on Profits lottery win  That's because lottery winnings are treated as income by the federal government and most states, so the jackpots are subject to state and