Why $1.8B Powerball Winnings Shrink After Taxes

Why $1.8B Powerball Winnings Shrink After Taxes

Winning the lottery might feel like instant freedom, but taxes quickly take a bite. Saturday’s $1.8 billion Powerball jackpot winners face an immediate 24% federal withholding on lump-sum payouts, followed by an additional 13% due when filing taxes. That means from an...