For tax purposes, lottery winnings count as regular individual income, just like wages, with the rate is based on the taxpayer's total earnings. A lottery jackpot will probably be ...
Mar 23, 2013 ... After the 2013 fiscal cliff tax deal, more of your winnings must be shared with
Uncle Sam. ... 10 Steps To Take When You Win A Lottery Jackpot ... 2013 fiscal
cliff tax deal raised the top federal individual income tax rate from ...
Jan 12, 2016 ... Lottery winnings are taxed as ordinary income. ... be subject to the highest
federal tax rate of 39.6 percent," said Melissa Labant, director of tax ...
When you buy a lottery ticket, you're not the only one that hopes you win. If you hit
a really big ... What you owe is based on your actual tax rate. The way the tax ...
Lump-sum lottery winnings are taxable as ordinary income in the year the prize is
won. There is no reduced tax rate for lottery jackpots. As of 2012, the top ...
Jan 8, 2016 ... Anyone who wins the billion-dollar jackpot will have a massive tax bill. ... the
highest lottery tax rate anywhere in the nation, since the city also ...
Jan 13, 2016 ... In fact, in most states (and at the federal level), taxes on lottery winnings over
$5,000 are withheld automatically. However, withholding rates ...
Depending on your other income and the amount of your winnings, your federal
tax rate may be as high as 39.6%. Your lottery winnings may also be subject to ...
Jan 13, 2016 ... The top federal tax rate is 39.6% on 2016 income of more than ... Maryland and
Arizona withhold taxes on lottery winnings from non-residents.
Sweepstakes, Wagering Pools, and Lotteries. ... The winnings are subject to
federal income tax withholding (either regular gambling withholding ... Withhold
at the 25% rate if the winnings minus the wager are more than $5,000 and are