Lottery Tax Calculator

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The winner of the $ billion jackpot has hefty taxes coming IRS withholding takes $187992000 up front, and $101829000 more is due April

Lottery winnings are not taxed twice Under both the federal and state tax system, they are considered ordinary taxable income You pay tax on your winnings Each of these states participate in Powerball but do not have a personal income tax California and Pennsylvania also exempt lottery winnings

enter the lottery Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax If you live in New York, get out your wallet, because the state taxes lottery winnings at % If you live in California, Delaware, Florida