Powerball lottery jackpot: Here's how much you get after taxes

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The Lone Star State's lack of a tax on winnings means your payout is bigger in Texas That's good news if you score the $ billion prize

The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes If you win more than $5,000 in the lottery or certain types of gambling, 24% must be withheld for federal tax purposes You'll receive a Form W-

million dollar poker game States with no state income tax, like Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming do not tax lottery winnings Other states like taxes An anonymous resident in Leander purchased a winning Mega Millions ticket worth $227 million for a drawing in September 2019 They