![]() ![]() And the jackpot lump-sum payout option, which lottery officials say is what most people select, is now $497 million. The Powerball jackpot is up to $1 billion for Monday’s drawing, the largest this year and the fifth-second ever. Well, there's now another way it'll cost you: losing some of the big lottery payout. ![]() If you do not provide a Social Security number, the federal withholding jumps to 30 percent.ĭepending on your tax bracket, income, deductions and other considerations, you could end up owing even more in income taxes at tax time, in addition to the initial withholding.Ĭhris Sims from the Indy Star contributed to this report.Watch Video: Odds of winning the Powerball and Mega Millions are NOT in your favorĭETROIT - Inflation, which is at a 40-year-high, has increased the price eggs, electricity and rent. In Colorado, if you provide a Social Security number, the lottery will withhold a total of 28 percent from your prize winnings over $5,000 - 24 percent for federal tax, 4 percent for state tax. How much would I owe in taxes if I were to win a lottery jackpot?
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