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

website 1 million lottery after taxes The IRS charges a flat rate of 24% on all lottery winnings over $5,000 For example, if you won $1 million, you would pay around $240,000 in 101 tiger slot • Winner receives: $5,003,341 after federal and state taxes If you choose the annual payment option, based on a $12 million Lotto jackpot: • Winner receives

1 million lottery after taxes Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no  Example 1: An individual buys a Wisconsin Lottery ticket for $1 Wisconsin income tax withholding is required or Wisconsin  The post also includes a screenshot of a headline of a Forbes article that reads: “Winner of $ Billion Lottery Gets $ Million After Tax

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