Powerball Jackpot Winner Will Get a Hefty Tax Bill

lottery tax in usa
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We are required by law to withhold both state and federal taxes on certain levels of Lottery prizes citizens who don't furnish Social Security Numbers

However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the

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

lottery sambad 23 2 2024 Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax