Powerball Jackpot Winner Will Get a Hefty Tax Bill

federal tax lottery winnings
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Any payout over $5,000 after deducting the cost of the wager will automatically have 24% withheld for federal taxes The actual rate at which

If you live in one of ten states that don't tax lottery winnings, you're probably off the hook for state income taxes They include: Alaska, The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes

sweet bonanza xmas slot soldi veri Then there are the taxes The IRS immediately takes 24% of all lottery winnings over $5,000, dropping the total to approximately $335,464,000 That's because lottery winnings are treated as income by the federal government and most states, so the jackpots are subject to state and