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ECIL | Link to article: https://www.cnbc.com/2025/09/05/powerball-jackpot-tax-bill.html
From the article: "The IRS requires a mandatory 24% withholding for prizes that exceed $5,000.
If you choose the $826.4 million cash option, the 24% federal tax withholding automatically reduces your winnings by $198.3 million.
But the windfall pushes you into the 37% tax bracket, and your bill will likely be higher......"
ETA: If a CNBC ad pops up keep refreshing until "continue without supporting" shows in the lower left of the ad. Click that to make the ad disappear for article reading.
Edited by ILLRick 9/6/2025 08:21
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Taxes and the lottery, how much you could owe if you win
