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 ...
Jan 12, 2016 ... The lottery only withholds 25% of Powerball jackpot winnings, but when state and
federal taxes are added in, winners pay much, much more.
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 ...
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 ...
Dreaming of winning mega bucks in the lottery? ... If federal, state and city or
county income taxes remained at the same rate for the next 26 years, there would
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 ...
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
Jan 13, 2016 ... Most states tax lottery winnings like regular income; others don't touch ... at tax
time, for a total of 39.6 percent–the maximum individual tax rate.
Jan 9, 2016 ... Some states charge taxes on lottery winnings for both residents and non ... The
tax rate of neighboring state Virginia is a little less, however, ...
Mega Millions lottery jackpot analysis shows the amount a grand prize winner ...
up paying a flat (insert highest tax rate here) percent of their winnings in taxes.