Powerball Jackpot Winner Will Get a Hefty Tax Bill

Whenever someone wins the Powerball lottery, the federal government gets a chunk of the prize from taxes.

flying money over landscape
(Image credit: Getty Images)

Many people are curious about how much money a Powerball jackpot lottery winner takes home after taxes, especially with the increasing payout and record-high jackpot amounts.

Despite the odds of winning the massive prizes being about one in 292.2 million, there have been frequent instances of single-winning Powerball tickets like last year's $2.04 billion, $1.08 billion, and $1.765 billion. According to lottery officials, the most recent $1.326 billion April prize goes down as the eighth-largest jackpot in U.S. history.

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Kelley R. Taylor
Senior Tax Editor, Kiplinger.com

As the senior tax editor at Kiplinger.com, Kelley R. Taylor simplifies federal and state tax information, news, and developments to help empower readers. Kelley has over two decades of experience advising on and covering education, law, finance, and tax as a corporate attorney and business journalist.