How much money will you get after taxes if you win the Powerball

how much tax is paid on lottery winnings
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How much do I pay in taxes if I win 1,000,000? If your gross prize for lump sum payout is $1,000,000, you need to pay $334,072 in total tax ($240,000 federal

The IRS considers lottery winnings as gambling winnings and taxes the income the same as other types of ordinary income This means you'll pay Regarding TDS on prize money, bear the following in mind: Regardless of their regular income, winnings, age, or physical condition, everyone is required to pay

princess margaret lottery For winnings over $5,000, the payor must withhold a minimum of 28% for federal withholdings and up to 15% for state withholdings You will pay How does my change from a resident to a nonresident affect my New York State income tax obligation with respect to the lottery prize payment that I received as