Powerball winnings after taxes: How much a $960M jackpot winner

federal tax lottery winnings
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The IRS gets $187,992,000 of that right away, since the tax law require 24% federal income tax withholding that is sent directly to the IRS

Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no

federal lottery tax rate 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

federal lottery However, the IRS will scrutinize shared lottery arrangements and assert gift taxes when such arrangements do not pass muster Tonda Lynn and her relatives found