How much would the $ billion Powerball jackpot's tax bill be?

How much would the $ billion Powerball jackpot's tax bill be? florida tax on lottery winnings There's a mandatory 24% federal withholding for winnings above $5,000 that goes straight to the IRS And while many states also tax lottery florida man wins lottery Your lottery winnings will affect your tax liability How you receive your lottery winnings will affect your federal tax obligation It will immediately

florida man wins lottery And while winning the lottery isn't exactly a reliable career plan, the federal government treats lottery winnings as income Immediately, 24%

florida lottery com Lottery winnings are taxed at a marginal rate of 35% to the winner or winners There can also be gift taxes associated with sharing the winnings The benefit of the basic exemption limit and income tax slab rate is also not applicable to this income The entire amount received will be