How much of the $ billion Powerball jackpot is left after taxes?

federal tax on lottery winnings
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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

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

federal taxes on lottery winnings Federal tax Right off the bat, lottery agencies are required to withhold 24% from winnings of $5,000 or more, which goes to the federal

federal lottery taxes The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also