A Jackpot for Uncle Sam: How Winning the Lottery Would Affect Your Taxes in 2025

A Jackpot for Uncle Sam: How Winning the Lottery Would Affect Your Taxes in 2025
Winning the lottery can be a life changing moment. And when you win, Uncle Sam wins too. fizkes/Shutterstock
Javier Simon
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Winning the lottery can be a life changing moment. You can go from making a modest income to becoming a millionaire overnight. The Powerball jackpot alone is currently more than $150 million.

You hit the jackpot. But with this new fortune comes new responsibilities. The IRS considers lottery winnings taxable income. Your winnings could push you into the highest tax bracket, and you’d end up paying Uncle Sam a sizable portion.

Javier Simon
Javier Simon
Author
Javier Simon is a freelance personal finance writer for The Epoch Times. He specializes in retirement planning, investing, taxes, fintech, financial products and more. His work has been featured by major publications including Fox Business, The Motley Fool, NerdWallet, and Money Magazine.