Massive Powerball payout gets eaten up after taxes: See our analysis

powerball lottery tax calculator
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Would winning the lottery affect your taxes? Learn more about how your taxes could change after a Powerball payout with H&R Block

Use the lottery tax calculator to estimate the tax amount deducted from a lottery prize, received as either a lump sum or through annuity payments  The lottery calculator below will help you estimate the amount of tax that may be withheld on lump-sum lottery winnings Enter the amount won

slot racer online The IRS automatically withholds 30% of net lottery winnings in the US The rate at which the net winnings are ultimately taxed though depends on Income from lottery winnings and online games are included under the head 'Other source of Income' and is taxable at the special rate of 30%