How much will Mega Millions winner get after taxes? $ billion

website how much taxes come out of lottery winnings Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax how old do you have to be to buy lottery tickets Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home

how much taxes come out of lottery winnings income tax treatment of lottery prizes This guidance applies specifically The lottery prize payment is gambling winnings taxed as ordinary income   Some states have no income tax or don't tax lottery winnings, but others have top-income state tax brackets exceeding 10% Powerball isn't  The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted from your winnings And for a large prize like the Mega

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