After taxes, here's how much a Powerball winner would actually take

how much does irs take from lottery winnings
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Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

The chances of winning Powerball's grand prize are 1 in about 292 million More than $124 million immediately goes to the IRS Before seeing We do not tax California Lottery or Mega millions Report your full amount of gambling winnings on Individual Income Tax Return (IRS Form

tampa poker rooms Still, this is lower than the previous rate of percent, thanks to the tax law changes of 2017 (Note that the IRS will take 24 percent off the top and the Before seeing a penny of the jackpot, the winner will pay a 24% mandatory upfront federal withholding to the IRS If they choose the $