How much would the $ billion Powerball jackpot's tax bill be?

how much tax is taken out of lottery winnings
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out This is highly taxes in many cases — although some states exempt the winnings Lottery winnings are considered ordinary taxable income by the IRS

The Lottery Department shall withhold Virginia income tax at the rate of % on the proceeds from any lottery prize in excess of $5,000 The tax shall be The amount won is subject to a tax of 30% from the winner, irrespective of any other income the individual might be earning This is maintained

lottery resalt Lottery winnings are considered ordinary taxable income for both federal and state tax purposes Winnings are taxed the same as wages or salaries are, and the Lottery winnings and Gift Tax ; Number of years between giving the gift and you passing away, Rate of Inheritance Tax to be paid ; 0-3, 40% ; 3-4