Powerball and taxes: What you have to pay if you win the $935 million

what percentage of taxes are taken out of lottery winnings
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Depending on your other income and the amount of your winnings, your federal tax rate may be as high as 37% You may also be subject to state

The federal government will take 24% off the top of lump sum winnings from the Mega Millions jackpot Then it is the state's turn  You cannot net the winnings and losses for tax years 2020 and prior Starting in 2021 if you elected to itemize deductions on your federal return (you did not

x poker bot Anyone who receives winnings from lottery games, racetrack betting or gambling must pay income tax percent on a resident's winnings For a nonresident Rules for Income Tax on Lottery Winnings or Game Show Income · In the case of winnings from horse races, income is taxable at % without any