Powerball Jackpot Winner Will Get a Hefty Tax Bill

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The IRS charges a flat rate of 24% on all lottery winnings over $5,000 For example, if you won $1 million, you would pay around $240,000 in

New Yorkers, for example, could see their winnings taxed at up to % or more, depending on where in the state they live Only a few states — How much tax do you pay on lottery winnings? In the , if you win a lottery of $600 or less, you don't have to report it If you win more than $5,000, you

mens wallet with picture slot This indicates that earnings from awards and prizes would still be subject to a % tax rate even if the person's income falls under the 20% That's because lottery winnings are generally taxed as ordinary income at the federal and state levels In fact