Whon the powerball home

In this case, Iowa will withhold 5 percent of the win. Sarah O'Brien Personal finance reporter. We are working to resolve the issue and apologize for the inconvenience. The federal government will withhold 24 percent of the winnings for taxes. Data also provided by. Justin Sullivan Getty Images.

Two winners nab $687.8 million Powerball jackpot. Here's the tax bill

Time for an update! For that game's next drawing on Tuesday night, the amount up for grabs seems paltry in comparison: Believe that six little numbers have the power to change your life forever. Using Safari.

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2 winners will split the $687 million Powerball jackpot

Using Internet Explorer. They also will have a harder time protecting their privacy — neither state allows winners to claim their prize anonymously. New verification email has been requested to be sent to Close. Privacy Policy. Current Hot Spot draw results are unavailable. Sarah O'Brien sarahtgobrien. And winners could face additional local taxes if they live in New York City about 3. Get Email Alerts.

The chance of winning is 1 in 292 million. Download the latest Flash player and try again. Independent Programming. Share this video... In other words, both winners can expect to pay north of 45 percent in taxes. Drawings are held every Wednesday and Saturday. How to play Step 5: Top 10 lottery jackpots Rank.