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

federal lottery tax rate
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Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

As previously mentioned, you have to pay federal income tax on lottery winnings Right off the bat, lottery winnings over $5,000 are subject to

federal taxes on lottery winnings In Pennsylvania, all lottery winnings are subject to the commonwealth's % state personal income tax, plus an additional 24% through federal

federal tax on lottery winnings With a federal tax rate of 37%, a Mega Millions winner would pay a total of $ million in federal taxes and pocket $ million by