Mega Millions After Taxes: How Much Will the Winner Get?

Lottery Tax Rates Vary Greatly By State how much does the government take from lottery winnings What do federal taxes look like on a lump sum payment? The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted how much is the powerball lottery Lottery winnings, considered taxable income, are subject to both federal and state income taxes The Internal Revenue Service imposes a

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