Powerball and taxes: What you have to pay if you win the $935 million

website if you win a million dollar lottery how much is taxed If the winner takes the payout, as many do, the federal tax would cut the prize by around $149 million In an estimate from USA Mega, an if you win lottery do you pay tax Then there are the taxes The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately $538,004,000

if you win a million dollar lottery how much is taxed Lottery winnings, considered taxable income, are subject to both federal and state income taxes The Internal Revenue Service imposes a  Right off the bat, one must consider that the federal government taxes lottery winnings at 24 percent, knocking the cash prize down to a mere (  You cannot deduct losses you claim as itemized deductions on Form 1040, Schedule A Please note: If you were a Massachusetts resident for part of the tax

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