If you hit the $750 million Powerball jackpot, here's your tax bill

tax on lottery winnings usa
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After federal taxes, you'd be left with $ million Then there are state taxes, which range from zero to more than 8 percent depending on

If the winner chooses the more popular lump sum option, the winnings would be reduced to $ million after a mandatory 24% federal tax Depending on your other income and the amount of your winnings, your federal tax rate may be as high as 37% You may also be subject to state

kiss918 slot When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal on the winnings that are taxable TDS incidence If the amount of the award or the prize is more than INR 10,000, TDS would have