If you win 130 million dollars playing Powerball how much does the government take?
For winnings of $5,000.01 and over, your state's Department of Revenue removes the 25 percent federal withholding before you receive your winnings check. You then receive a W-2G form with each check to submit with your 1040 form to show that the 25 percent federal withholding already has been paid. In PA, there is no state tax on lottery prizes. ChaCha!
Answered by Morgan W. -
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