How much $1B Powerball winner takes home after taxes

Buying lotto tickets online and how Texas taxes winners taxes on lottery winnings in texas The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted from your winnings And for a large prize like the Mega taxes taken out of lottery winnings For prizes over $600, the Texas Lottery Commission is required to withhold 24% for lottery winnings, less the wager Examples: * If you purchase a $50 ticket

taxes on 1 million lottery The Texas Lottery says on its website that it must report pay outs over $600 if the winnings are 300 times more than the wager, or prizes over