The 24% that gets withheld for federal taxes is just the beginning of what the winner would owe to the IRS — and, likely, state coffers, as well.
While the odds are stacked against players hitting the jackpot — your chance is about 1 in 292 million — the IRS gets a piece of every big win.
After more than eight weeks with no jackpot winner, the lottery game's top prize has climbed to $220 million for Wednesday night's drawing. And while the odds are stacked against players hitting the big prize — your chance is about 1 in 292 million — the IRS always gets a slice. "Winners have to plan for any additional amount that will be due ... to the IRS and the state," she said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Exclusive: India PM Modi's office proposes waiving carbon tax on coalIndian Prime Minister Narendra Modi's office has proposed waiving a tax on ...
Read more »
Australia’s bushfires intensify the debate about climate changeBushfires usually start in October, when Australians are preparing for the southern hemisphere’s summer. In 2019 the season began in July
Read more »
Anti-abortion supporters of Georgia's 'heartbeat bill' say fetuses face same civil rights issues as LGBT and black AmericansAlmost 100 so-called fetal 'heartbeat' bills have been introduced across 25 U.S. states since 2011.
Read more »
These are the TV shows we’ll all be watching in 2020From adaptations of hit novels to Billie Piper as you’ve never seen her before
Read more »
With births down, U.S. had slowest growth rate in a centuryThe U.S. grew from 2018 to 2019 by almost a half percent, or about 1.5 million people, with the population standing at 328 million this year, according to population estimates.
Read more »