How much $1B Powerball winner takes home after taxes

How much taxes are taken out of a lottery win? If the winner is a resident, the Texas Lottery Commission is required to withhold 24% for

The federal tax withholding rate is 24% for lottery winnings, less the wager, for prizes greater than $5,000, according to the Texas Lottery

texas poker rules No taxes are due on lottery prizes under $600 Lottery prizes over $600 All lottery prizes of $600 and up are collected by the winners personally at offices of

texas redfish slot Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax