CA or AZ? The $ billion Powerball jackpot's tax bill depends on

if you win a million dollar lottery how much is taxed
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If you're familiar with big lottery prizes or other gambling wins, you know you have to pay taxes on your prize How much you pay will

You'll still be taxed on your portion of the prize if everyone splits it Make documentation that the entire win is not just yours to avoid gift tax Have a You'll also likely find yourself in the top federal tax bracket of 37% (remember, these rates are progressive, so you won't actually lose 37% of

slot game link A mandatory federal tax withholding of 24% will be applied to the lump sum, leaving the winner with $ million Depending on the winner's tax return 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 (