The Powerball jackpot for the draw on is estimated to be $, with a cash option of . If you win the Powerball jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. The good news is that if you're a resident of Louisiana, you won't owe any state tax on your lottery winnings. Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.
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