Do you have to be a US citizen to win the Powerball lottery jackpot?
Do you have to be a US citizen to win the Powerball lottery jackpot?
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Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax
Still, you'll probably owe more when taxes are due since the top federal tax rate is 37% So a good first step a lottery winner could take You must pay federal income tax if you win All winnings over $5,000 are subject to tax withholding by lottery agencies at the rate of 24% This
lottery sites in usa If you win a 1 billion $ jackpot in US you pay around 450 mil -600 mil , and remaining can be transferred to India without any tax , Mega Millions after taxes The 2024 federal tax brackets place the Mega Millions jackpot winnings at a 37% tax rate, whether the winner opts for the lump sum