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 8, 2016 ... Prize money = taxable income: Lottery winnings are taxed like income, and the
IRS taxes the top income bracket 39.6%. The government will ...
Jan 14, 2016 ... The lottery only withholds 25% of Powerball jackpot winnings, but when state and
federal taxes are added in, winners pay much, much more.
Mar 23, 2013 ... Two others, Pennsylvania and California, exempt lottery winnings from their
income taxes, although California requires that you buy the ...
Jan 13, 2016 ... California and Pennsylvania winners also get a break because those states
exempt state lottery winnings from taxes—as long as you buy your ...
Income Tax on Lump-Sum Lottery Winnings. You won the lottery!! But winners
must pay income taxes. You won the lottery!! But winners must pay income taxes.
The federal government taxes all gambling winnings, including lottery prizes, at
the same rates as most types of other income you earn, such as wages and bank
The following rules apply to casual gamblers who aren't in the trade or business
of gambling. Gambling winnings are fully taxable and you must report the ...
May 6, 2016 ... Taxes take a bigger bite out of winnings than you'd expect. ... Lottery winnings
are taxed as ordinary income. "If they win the jackpot, they're ...
The winnings are subject to federal income tax withholding (either regular
gambling ... such as a car in a sweepstakes, wagering pool or lottery, must be
taken into ... See the following instructions for each type of gambling for detailed
rules on ...