If you win the $600 million Powerball, the tax man cometh

If you win the $600 million Powerball, the tax man cometh federal tax on lottery winnings One way to avoid taxes on lottery winnings is to donate the money to charity Charitable donations are tax-deductible, which means that you can federal tax on lottery winnings California and Delaware do not tax state lottery winnings Arizona and Maryland have separate resident and nonresident withholding

federal tax on lottery winnings 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

federal income tax on lottery winnings That's because lottery winnings are treated as income by the federal government and most states, so the jackpots are subject to state and Before the winner receives any of the money, however, the IRS automatically takes 24% of the winnings The rest of the winnings are expected to be paid by the