How much money will you get after taxes if you win the Powerball

How much money will you get after taxes if you win the Powerball taxes taken out of lottery winnings Gambling winnings are fully taxable and you must report the income on your tax return Gambling income includes but isn't limited to winnings from lotteries, taxes on $2 million dollars lottery winnings Key Takeaways · You are taxed on anything you win, whether it's cash, an item, a trip, or a service · Winnings are subject to federal and state income taxes

taxes on lottery winnings ohio Report your full amount of gambling winnings on Individual Income Tax Return 4 Report your losses on Itemized Deductions,