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Jan 13, 2016 ... That's because lottery winnings are generally taxed as ordinary income at both the federal and state (and, where applicable, local) level. In fact ...


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 ...


Mar 23, 2013 ... After the 2013 fiscal cliff tax deal, more of your winnings must be shared with Uncle Sam. ... 10 Steps To Take When You Win A Lottery Jackpot ... 2013 fiscal cliff tax deal raised the top federal individual income tax rate from ...


Jan 12, 2016 ... The lottery only withholds 25% of Powerball jackpot winnings, but ... taxed could be much less because Canada doesn't tax lottery winnings.


Jan 12, 2016 ... Lottery winnings are taxed as ordinary income. "If they win the jackpot, they're going to be subject to the highest federal tax rate of 39.6 percent ...


Winning the lottery comes with new pleasures as well as new taxes. Learn all about the tax rate for lottery winnings at HowStuffWorks.


Jan 13, 2016 ... The top federal tax rate is 39.6% on 2016 income of more than ... Maryland and Arizona withhold taxes on lottery winnings from non-residents.


If you hit a really big jackpot, you're going to have to pay a really big tax bill. While the Internal Revenue Service requires that 25 or 28 percent of lottery winnings ...


Sep 19, 2013 ... Lottery winning 101: First get a lawyer and a tax expert ... brother-in-law is free; the next $5 million will be subject to a 45 percent federal tax.


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 ...