Do you have to pay taxes every year after winning the Powerball or

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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

How do lottery taxes work? ; 10% $0 to $11,600 10% of taxable income ; 12% $11,601 to $47,150 $1,160 plus 12% of the amount over $11,600 ; 22 The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also

kerala lottery result daily chart 2023 How much are lottery winnings taxed? When you win the lottery, your winnings are considered ordinary taxable income Your prize money is taxed Any person, resident or non-resident, that wins a large lottery prize in the United States will have to pay taxes worth between 25% and 45%