Section 194B of Income Tax Act

How much would the $ billion Powerball jackpot's tax bill be? tax rate for lottery winnings 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 taxes on lottery Yes Gamblinglottery winnings are subject to Michigan individual income tax to the extent that they are included in your adjusted gross income The Michigan

taxes on million dollar lottery Personal Income Tax Prizes received by Massachusetts residents from the Massachusetts lottery or from lotteries rate of five percent plus surcharge