How much money will you get after taxes if you win the Powerball

How Taxes on Lottery Winnings Work taxes on lottery winnings texas And while winning the lottery isn't exactly a reliable career plan, the federal government treats lottery winnings as income Immediately, 24% taxes on $2 million dollars lottery winnings Income from lottery winnings and online games are included under the head 'Other source of Income' and is taxable at the special rate of 30%

taxes on 2 million dollars lottery winnings 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