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

how much tax is deducted from lottery winnings
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A: Ten percent Q: What is the Lottery Winnings Tax? A: It is a tax charged on all prize money

The silver lining is that lottery agencies typically withhold 24% of winnings over $5,000 immediately, which could help offset some of the tax The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn

fenix play 27 slot You must complete Form IL-5754 if you receive payment of Illinois lottery Date of payment ____________ Type of winnings Total won Illinois Income Tax Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax