How much money will you get after taxes if you win the Powerball

what is the federal tax rate on lottery winnings
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When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal

If you choose to donate, split, or assign your lottery winnings, in whole or in part, it is taxable to the recipient in the same way as for federal income tax Even if taxpayers win or lose modest amounts while sports gambling, they are required to pay taxes on their winnings, not unlike it was earned

can you play online poker in indiana However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the of the Revised Code, the state lottery commission shall deduct and withhold an amount equal to four per cent of the payment from each lottery prize award