How much does Powerball jackpot winner get after taxes?
How much does Powerball jackpot winner get after taxes?
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%
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, Lottery winnings also count as income, so by winning the jackpot, the ticketholder has been pushed into the 37% tax bracket for those with
what happens if you win the lottery the additional tax attributable to the lottery winnings could be as much as 37% of the total (since the top Federal rate is 37% — not % as Key Takeaways · You are taxed on anything you win, whether it's cash, an item, a trip, or a service · Winnings are subject to federal and state income taxes
