How much $ Powerball winner takes home after taxes

how much does the irs take from lottery winnings
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That's because lottery winnings are treated as income by the federal government and most states, so the jackpots are subject to state and

How much are lottery winnings taxed? When you win the lottery, your winnings are considered ordinary taxable income Your prize money is taxed Unlike salary or professional income where people are allowed to take deductions or allowance, winnings from contests are fully taxable This is

what time to buy lottery tickets After calculating your net winnings, the first thing the IRS will do is take 25 percent of your prize money for taxes This 25 percent is Not all states tax for lottery winnings, Federal does though Federal is entitled to 28% under 500k Over 500k they can take up to like 38% For