There’s another Powerball drawing Saturday, July 15, with an advertised jackpot of $875 million. The lucky winner will receive a cash payout of about $441.9 million, before taxes. However, the Powerball winner will have to pay considerable federal taxes.
The IRS will take taxes “off the top,” and the winner will have to pay additional taxes based on the tax rate tied to their federal income tax bracket, which will likely be high due to the multimillion-dollar payout.
