What would the $ billion Powerball jackpot's tax bill be in your
What would the $ billion Powerball jackpot's tax bill be in your
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The IRS automatically withholds 30% of net lottery winnings in the US The rate at which the net winnings are ultimately taxed though depends on
Answer: Lottery payments are subject to tax as ordinary income While there is little you can do to avoid this income tax, there are steps you can take to In that case, all of it is taxed at 37% This can be calculated using a tax calculator Lottery winnings are combined with the rest of your taxable income for
official poker rankins Washington doesn't impose a personal income tax and so won't tax lottery winnings, including your Mega Millions prize, at the state level However, the state's Texas, Washington and Florida all do not have state income tax, so there are no lottery state taxes here either These states will not levy
