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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 ...

How Much Tax Will You Owe On A $1.5 Billion Powerball Jackpot ...


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 ...

Tallying the big tax bite of a $1.5B Powerball win - CNBC.com


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 ...

How Much Federal Taxes Are Held From Lottery Winnings? | The ...


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 ...

Income Tax on Lump-Sum Lottery Winnings | Finance - Zacks


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 ...

You won the $1.5 billion Powerball! Here's your tax bill - Jan. 8, 2016


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 ...

What Percentage of Lottery Winnings Would Be ... - Tax Foundation


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 ...

Taxation Of Lottery Winnings - Dawn Hospelhorn - Accounting


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 ...

How Much Tax You'll Pay on Your Lottery Winnings-Kiplinger


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.

Instructions for Forms W-2G and 5754 (2016)


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 from:.

Popular Q&A
Q: What are lottery winnings tax rate.
A: The Supreme Court has said that lottery payments produce ordinary income (taxable at 35%), not capital gains (taxable at Read More »
Source: www.chacha.com
Q: What is tax rate on lottery winnings?
A: Like.a FREAKIN lot. it probably is determined by how much you win and/or won. if you did win i think i should get half just for answering this question. Read More »
Source: answers.yahoo.com
Q: What is the highest tax rate for texas lottery winnings.
A: on 1 million or more it is 40% max. Read More »
Source: www.answers.com
Q: What is the tax rate for ohio lottery if I win the mega millions.
A: Current tax withholding rates: (Tax rate are subject to change.) Federal - 25% Ohio State - 6%. Have a great day! Read More »
Source: www.chacha.com
Q: What is the tax rate on from bigger to smaller lottery winnings?
A: In the US, the tax rate is that of determined by your over all income so it's unknown till you file your tax report. However, the lottery will with hold 25% for... Read More »
Source: answers.yahoo.com