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

website taxes on lottery winnings in texas Lottery prizes of $5,000 or more are subject to federal income tax withholding As a result, if you win a jackpot worth that much, 24% of your taxes on slot machine winnings Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

taxes on lottery winnings in texas Texas is another state that won't tax your Powerball lottery winnings However, the state's sales tax rate of % is a bit high compared to  That's because lottery winnings are treated as income by the federal government and most states, so the jackpots are subject to state and  Before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000, CNBC explains Out

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