Powerball Jackpot Winner Will Get a Hefty Tax Bill

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Lottery winnings and prizes are considered income by the IRS and are subject to federal and state income tax You'll owe taxes in the year

When a lottery prize is claimed by a group, family unit, club or other organization, the multiple winners will be required to file an Internal Revenue If you do not report your winnings on your tax return, you may receive an unexpected tax bill from the IRS andor an audit notice for failing to report taxable

nearest lottery retailer Do I have to pay taxes on my winnings? Yes All prize winnings are subject to federal and state income tax withholding State tax of % is automatically You cannot file a return online if you do not have the state issued account number you should file a return and pay the withheld taxes on a quarterly basis