After taxes, here's how much a Powerball winner would actually take

Amounts won from a game show or lottery are taxable under Section 56 of the Income Tax Act, 1961 According to Section 194B winnings from lotteries,

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,

how long does it take to get your lottery winnings The tax is usually deducted at source by the lottery distributor before you receive the payout 2 Can lottery winnings be legally shared

how long has the lottery been going How Are Lottery Winnings Taxed? The IRS will charge you federal tax on the net amount of your lottery winnings The net amount is the total of