Powerball and taxes: What you have to pay if you win the $935 million

Key Takeaways · You're required to report all gambling winnings—including the fair market value of noncash prizes you win—as “other income” on

Personal Income Tax Prizes received by Massachusetts residents from the Massachusetts lottery or from lotteries, raffles, races, beano or other events of

how many people won the lottery Shareholders, partners, or members in pass-through entities receiving income from gambling or lottery activities are subject to personal income tax on their

how to scan your lottery ticket The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes