Powerball Jackpot Winner Will Get a Hefty Tax Bill

Still, you'll probably owe more when taxes are due since the top federal tax rate is 37% So a good first step a lottery winner could take

Powerball Jackpot Winner Will Get a Hefty Tax Bill The federal government treats the lottery winnings as income On prizes over $5,000, the Oregon Lottery withholds at least 24% for federal taxes

Still, you'll probably owe more when taxes are due since the top federal tax rate is 37% So a good first step a lottery winner could take

lottery ticket reader How it works: Ohio lottery winnings over $600 are taxed as income If I won today's $550 million jackpot, I'd pay 24% in federal taxes, plus 4%

The Lottery Department shall withhold Virginia income tax at the rate of % on the proceeds from any lottery prize in excess of $5,000 The tax shall be

lottery sambad 30 tarike Gambling winnings are fully taxable and you must report the income on your tax return Gambling income includes but isn't limited to winnings from lotteries,

The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn