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

lottery winner taxes
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Winners will be responsible for any applicable taxes associated with the prize value unless otherwise specified No substitutions allowed, including cash

Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home Right away, 24% of that cash value is withheld for federal taxes and goes to the IRS, TurboTax explains So if the Powerball winner does select

kn 493 lottery result To put the tax difference between installment payments and a lump sum in real numbers, any winner taking installments and receiving $539,900 or The governing lottery body withholds 24% of the prize automatically, leaving the balance to be paid by the winner, according to Lottery USA