If you win the Powerball jackpot, your winnings will shrink after the IRS cut. Here's what to know.
. For 2023, the 37% rate applies to taxable income of $578,126 or more for single filers and $693,751 or higher for married couples filing together.
Of course, the 37% 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.You may also owe, depending on where you live and where you bought the ticket. While some states have no income tax or don't tax lottery winnings, others have top income state tax brackets exceeding 10%.
Powerball isn't the only chance to win big this weekend. The jackpot for Friday night's Mega Millions drawing, meanwhile, now stands at $450 million. The chance of hitting the jackpot in that game is roughly 1 in 302 million.
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