$1 billion Powerball jackpot: How much would a winner take home after taxes?

WASHINGTON — The Powerball jackpot has hit $1 billion again ahead of Wednesday night's drawing. 

If you somehow beat the lottery's astronomical odds during the Aug. 12 drawing, you'll have a hefty tax bill waiting for you. That's because lottery winnings are treated as income by the federal government and most states, so jackpots are subject to state and federal income taxes.

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