How much $ Powerball winner takes home after taxes

how much taxes are deducted from lottery winnings
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When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal

Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big chunk Tax Rate: Winning from lottery is taxable at a special rate of 30% No deduction is allowed Also no benefit of slab rate can be taken

clay poker chip Withholding Rate from Gambling Winnings New Jersey Income Tax is withheld at an amount equal to three percent of the payout for both New You're required to report all of your gambling winnings as income on your tax return, even if you end up losing money overall · You may receive