The IRS wins every lottery and jackpots because the winner

how much does the irs take from lottery winnings
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The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn

The federal government will immediately take $142,824,000 from that cash option Remember, the rest of your federal tax bill comes next Right away, 24% of that cash value is withheld for federal taxes and goes to the IRS, TurboTax explains So if the Powerball winner does select

apply for a slot website After calculating your net winnings, the first thing the IRS will do is take 25 percent of your prize money for taxes This 25 percent is According to CNN Money, prize money is taxable income; lottery winnings are taxed just like income, and the IRS taxes the top income bracket However, the