How much would the $ billion Powerball jackpot's tax bill be?

how much tax for lottery winnings
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The winner will likely be responsible for an additional 13% in federal taxes when their taxes are due, which will reduce the earnings to around

However, once your prize is in a bank account, any interest earned on your prize is subject to income tax for both you and any gift recipients If you currently The 2024 federal tax brackets place the Mega Millions jackpot winnings at a 37% tax rate, whether the winner opts for the lump sum or not That's because the 37

caesars southern indiana poker tournaments 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 Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big chunk