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

how much taxes taken out of lottery winnings
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If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding

The reward would be subject to tax according to Section 56 and reported under the title “Income from Other Sources ” The lottery winners are

how long after winning the lottery do you get the money Q: Are lottery prizes subject to taxation? A: Effective August 13th 2018, lottery winnings are subject to taxation ; Q: What is the rate of tax? A: Ten percent

how do slot machine algorithms work Before getting your winnings, you'd have to pay a 24% federal tax withholding, which the IRS requires for winnings over $5,000, CNBC explains