How much you'll pay in taxes for Powerball $ billion jackpot

Do you have to pay taxes every year after winning the Powerball or what is the federal tax on lottery winnings Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket, what are slot machine odds Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or

what is a set in poker Key Takeaways · You are taxed on anything you win, whether it's cash, an item, a trip, or a service · Winnings are subject to federal and state income taxes