Mega Millions and Powerball jackpots soar to new heights Here's

how to calculate taxes on $5000 lottery winnings
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The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted from your winnings Powerball Taxes Calculator to learn

For any prize over $5,000, the Virginia Lottery automatically withholds 24% for federal taxes and 4% for state taxes Keep in mind those

how to pick slot machines When you win more than $5,000, the lottery automatically withholds 24% in federal tax and 5% for state tax How Are Group Lottery Wins Taxed in

how to scan lottery ticket Right off the bat, expect the federal government to take at least 24% of winnings over $5,000 upfront Why? Lottery winnings are considered