SIOUX FALLS, S.D. (KELO AM) - Should you be lucky enough to win Saturday’s estimated $675 million Powerball Jackpot, a quarter goes immediately to Uncle Sam.
Lottery Chief Norm Lingle says that’s just a down payment.
When winners get ready to do their tax filing there will probably be an additional obligation owed for the jackpot. Lingle says taxes are due whether the jackpot is received lump sum or paid by installments.
The weekend drawing will be the largest jackpot of any lottery in U-S history.