Here's what the $1 billion Powerball winner could owe in taxes

Here's what the $1 billion Powerball winner could owe in taxes how much of the lottery is taxed tax collection of the Government Taxation of Lottery was done under two tax brackets 12% and 28% Goods and Services Tax is a destination based tax how to buy lottery tickets online in texas The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes

how to buy lottery tickets online in texas 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

how many possible lottery combinations are there Residents and Nonresidents: The Connecticut Lottery Corporation will withhold Connecticut income tax at the rate of % from payments of reportable Connecticut The lottery tracking group estimated a final Oregon tax rate of % or $ million, reducing the prize to a final payout of $329,792,812