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Those who have won thousands or millions of dollars in the Lottery know that 27 percent federal withholding is taken out of winnings in the form of taxes. If $600 or more is won on a single wager, the Lottery is required to report those winnings to the IRS. The Lottery is not qualified to give advice on matters regarding taxation. While there may be occasions where lottery losses may be used to offset lottery winnings, a definite answer is available only through a qualified tax specialist. Players are encouraged to consult a tax professional in this matter.

Q: How do you calculate the odds of winning the Powerball jackpot?

To play Powerball, the player must pick five numbers from a field of 53 numbers and one number from a field of 42 numbers. The following basic odds formula can be used to calculate the odds of winning the Powerball jackpot (1:120,526,770):