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 12, 2016 ... The lottery only withholds 25% of Powerball jackpot winnings, but when ... Most
stories about lottery prize taxes highlight a federal income tax withholding of 25%
for ... Puerto Rico No state or federal taxes on lottery winnings.
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 ...
As of 2012, the top federal income tax rate is 35 percent, applied to all taxpayers
regardless of filing status if taxable income exceeds $398,350. But the lottery ...
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 ...
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 ...
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 ...
Sep 19, 2013 ... Lottery winning 101: First get a lawyer and a tax expert ... it's better to have even
a lesser amount taxed at lower rates—and your annual ... brother-in-law is free;
the next $5 million will be subject to a 45 percent federal tax.
If federal, state and city or county income taxes remained at the same rate for the
next 26 years, there would be no impact on your winnings. If they rise, you ...
Jan 9, 2016 ... All lottery winnings are subject to a 25 percent federal tax withholding. And that
doesn't include the taxes charged by most states, which could ...