Dear Complainers: The Truth About Michigan's Lottery Taxes

How Much Tax Will You Owe On A $ Billion Powerball Jackpot taxes on $2 million dollars lottery winnings Want to know more about our games, or winning big prizes, or who decides where Lottery dollars go? This is the place taxes on 2 million dollars lottery winnings As soon as you accept your payout, a large chunk of it is withheld for taxes Though some states do not have a state lottery tax withholding

taxes on $5 If the total $ billion payout is chosen: Federal taxes: $324 million; Take-home: $ billion If the cash option