Here's what the $1 billion Powerball winner could owe in taxes

how many times do you pay taxes on lottery winnings
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How to Keep More of What You Win Walter L Lewis won is much sweeter than money taxes and may cause you to pay additional taxes 86 Selected Articles

State lottery winnings are reportable to the IRS where the State agency conducting the lottery requires a winner to complete federal Form W-2G, Certain Gambling

how to hit the lottery While lottery winnings of $600 or less are not reported to the IRS, winnings in excess of $5,000 are subject to a 25 percent federal withholding

how to do lottery Lottery winnings and Gift Tax ; Number of years between giving the gift and you passing away, Rate of Inheritance Tax to be paid ; 0-3, 40% ; 3-4