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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 ... Should a resident of one of those nine states that don't tax lottery winnings be the sole jackpot winner and opt for the lump sum, he or she will ...

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 ...

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


A big lottery jackpot win is a time for celebration, but it's also a taxing time. States offer winners a lump-sum payout option, which many winners choose instead of ...

How Much Will You Pay in Taxes If You Win the Powerball Jackpot ...


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.

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 ...

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


Jan 13, 2016 ... That means you'll pay about $369 million in federal income taxes, reducing ... Maryland and Arizona withhold taxes on lottery winnings from ...

Powerball Jackpot Analysis | USA Mega


Powerball lottery jackpot analysis shows the amount a grand prize winner would actually get after federal and state taxes are ... Your average net per year: $3,663,333, Your net payout: $71,190,000 ... California: No State Tax on Lottery Prizes!

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


The winnings are subject to federal income tax withholding (either regular ... such as a car in a sweepstakes, wagering pool or lottery, must be taken into account ...

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 jackpot, you're going to have to pay a really big tax bill. While the ...

Popular Q&A
Q: What are taxes on lottery winnings?
A: How much you pay ultimately depends on your own tax situation and tax rate. There is no specific rate or category for income from types of gambling. The withhol... Read More »
Source: wiki.answers.com
Q: What is the tax on lottery winnings.
A: Both federal and state taxes are applicable on lottery winnings, though in some regions, lottery winnings may be subjected to local income taxes too. However, N... Read More »
Source: www.chacha.com
Q: What's the tax on lottery winnings?
A: It could be as high as 35% depending on your other income. I am attaching a link to the IRS Pub 17, page 271. For example when your taxable income exceeds $357,... Read More »
Source: answers.yahoo.com
Q: Taxes on Lottery Winnings in Kentucky.
A: Gambling winnings in Kentucky are subject to both state and federal income taxes. That includes lottery prizes, no matter how large or how small. For larger pri... Read More »
Source: www.ehow.com
Q: Withholding Taxes on Lottery Winnings.
A: Taxes are one of the certainties of life, and a good chunk of your lottery winnings will go to taxes. How much you pay will depend on a number of factors, but y... Read More »
Source: www.ehow.com