How much money will you get after taxes if you win the Powerball
How much money will you get after taxes if you win the Powerball
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The tax withholding rate is 24% for lottery winnings, less the wager, for prizes greater than $5,000 An example of the calculation used to determine whether a
Federal Tax Withholding: The lottery is required to withhold 24% of your winnings for federal income tax purposes if you win more than $5,000 Key Takeaways · You are taxed on anything you win, whether it's cash, an item, a trip, or a service · Winnings are subject to federal and state income taxes
red dragon slot Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by the IRS and most state governments The If your lottery winnings exceed $5,000, the prize payor can withhold up to 15% for state taxes If you live in a state with no income tax (
