How much would the $ billion Powerball jackpot's tax bill be?

us lottery tax
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Gambling and lottery winnings and losses · You don't report your gambling income net of expenses, though · Instead, you must report your gambling

Some states, such as California, don't tax lottery winnings But for other state lotteries, you'll be taxed at your ordinary income tax rate Most states that Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,

joker slot game in malaysia New York levies the highest tax on wins at %, followed by Maryland and the District of Columbia , according to Lottery USA If Prize money = taxable income: Lottery winnings are taxed like income, and the IRS taxes the top income bracket % The government will