Florida lottery ticket hits $ billion jackpot, nets $ million

2 million lottery after taxes
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Someone just won the Powerball Jackpot Ticket worth $ million dollars Taxes

The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes A mandatory federal tax withholding of 24% will be applied to the lump sum, leaving the winner with $ million Depending on the winner's

rusa kaya slot games After federal taxes, you'd be left with $ million Then there are state taxes, which range from zero to more than 8 percent depending on If your lottery winnings exceed $5,000, they're subject to a 24% federal withholding tax This means taxes are taken directly out of your winnings and you may