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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 $500 Million Powerball Jackpot ...


Mar 23, 2013 ... After the 2013 fiscal cliff tax deal, more of your winnings must be shared with Uncle ... For 10 steps to take when you win the lottery, click here.

Minus Taxes And Hype, $636 Million Jackpot Shrinks To $206 ...


Dec 17, 2013 ... And that's if you live in one of the eight participating states (out of 43) that don't tax lottery winnings. If a New York City resident wins the big one, ...

You won the lottery! What's your tax hit? - Nov. 30, 2012 - CNN Money


Nov 30, 2012 ... The winners of the biggest Powerball lottery in history aren't the only ... who has the winning ticket will be charged a 5% tax on the prize money.

Europe was gripped with lottery fever, as the jackpot in Italy's Superenalotto soared. Tourists from neighboring countries were visiting Italy for the sole purpose of buying tickets and dreaming about hitting a huge prize. Free Contests & Sweepstakes Newsletter! More »

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 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 ...

Lottery winning 101: First get a lawyer and a tax expert - NBC News


Sep 19, 2013 ... Advice for instant lottery millionaires -- get a lawyer.That's the new mantra in an age when winners can become not just rich overnight, but ...

Taxation of lottery winnings - Dawn Hospelhorn - Accounting


Taxation of lottery winnings. You should be aware that your lottery winnings are taxable. This is the case for cash winnings and for the fair market value of any ...

How Much Tax Do I Pay If I Win the Lottery? - Budgeting Money


Dreaming of winning mega bucks in the lottery? Bet paying the taxes aren't part of that wonderful scenario. If you should ever be that one in a million who beats ...

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 Read More »
Source: www.chacha.com
Q: Income Taxes on Lottery Winnings.
A: The federal tax law that determines which types of income you receive are taxable is broad and covers almost every payment you receive that is not specifically ... 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
Q: Is there tax on lottery wins?
A: In Canada, you do NOT have to pay taxes on lottery winnings. However, if you choose to invest it or put it into a bank account, you do have to pay taxes on any ... Read More »
Source: answers.yahoo.com