How much would the $ billion Powerball jackpot's tax bill be?

Successfully dealing with large lottery prize winnings involves many different interrelated aspects of federal and state tax law, estate planning and asset

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

taxes on lottery winnings ohio While lottery winnings of $600 or less are not reported to the IRS, winnings in excess of $5,000 are subject to a 25 percent federal withholding

taxes paid on lottery winnings Taxes are deferred until payouts are received Winners choosing annuity payments often hedge their bets that tax rates will be lower in the future Investment