How much taxes take from the $ billion Powerball prize

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As previously mentioned, you have to pay federal income tax on lottery winnings Right off the bat, lottery winnings over $5,000 are subject to

Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or Yes, lottery winnings are taxable under state and federal law In Pennsylvania, all lottery winnings are subject to the commonwealth's %

mtall-053 Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big on the winnings that are taxable TDS incidence If the amount of the award or the prize is more than INR 10,000, TDS would have