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Record-high and near-record-high lottery jackpots occurred over the past couple of years — a $2.04 billion Powerball jackpot in November 2022 and a $1.337 billion Mega Millions jackpot in July.
How Much are Lottery Winnings Taxed? For starters, the IRS will take a chunk off the top of any winnings over $5,000 — a mandatory 24% federal withholding that must be paid immediately.
There’s a $1.73 billion jackpot for Wednesday’s Powerball drawing. Here’s how much Uncle Sam would get if you won.
Four Powerball jackpots have been won in Oregon; a $38.4 million winner from Eugene in 1992; a $33.8 million winner from Beaverton in 1999; a family from Jacksonville won a then-record $340 million jackpot in 2005; and in March 2007 a man from Milwaukie, won a $182.7 million jackpot. Powerball's cash option began in 1997.
In Oregon, the prize is subject to federal and state taxes that whittle down the haul by a couple hundred million. The prize was the fourth largest Powerball jackpot in history and the eighth largest among U.S. jackpot games, according to the Oregon Lottery. The largest U.S. lottery jackpot won was $2.04 billion in California in 2022. ___
Before you see a dollar of lottery winnings, the IRS will take 25%. Up to an additional 13% could be withheld in state and local taxes, depending on where you live. Still, you'll probably owe more ...
The Powerball jackpot has now soared to $1.5 billion for the next drawing, which will be Saturday, Nov. 5. ... all winnings over $5,000 are subject to tax withholding by lottery agencies at the ...
If you’re buying a lottery ticket on the off chance that you might win the $1.9 billion Powerball jackpot tonight, you’d do well to remember this: Winning isn’t all Dom Pérignon and luxury ...