How much money will you get after taxes if you win the Powerball

do you pay tax if you win the lottery
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Lottery wins are subject to a 30% TDS rate However, the TDS rate increases to % (including surcharge and

The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes As previously mentioned, you have to pay federal income tax on lottery winnings Right off the bat, lottery winnings over $5,000 are subject to

full house hand poker The tax shall be withheld on the entire amount of the prize, not merely the amount in excess of $5,000 The tax must be withheld by the Lottery Department on Taxation is imposed upon all income sources You may think that lottery winning would not be considered as an income source, but it is counted