Mega Millions After Taxes: How Much Will the Winner Get?

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Lottery winnings, considered taxable income, are subject to both federal and state income taxes The Internal Revenue Service imposes a

Withholding Rate from Gambling Winnings New Jersey Income Tax is withheld at an amount equal to three percent of the payout for both New Some states have no income tax or don't tax lottery winnings, but others have top-income state tax brackets exceeding 10% Powerball isn't

jackie groenen frank van der slot According to Section 194B of the IT Act, 1961, a tax rate of 30% is applicable on lottery winnings exceeding Rs 10,000 This is treated 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