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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 ...

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


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 ...

Powerball Jackpot: How Much Winners Pay in Taxes, by State | Money


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.

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


Mar 23, 2013 ... Two others, Pennsylvania and California, exempt lottery winnings from their income taxes, although California requires that you buy the ...

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


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 | Finance - Zacks


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.

How to File a Tax Return on Lottery Winnings | Legalbeagle.com


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  ...

Tax Topics - Topic 419 Gambling Income and Losses - IRS.gov


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 ...

Powerball $415M jackpot has a big tax bite - CNBC.com


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 ...

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


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 ...