Powerball Jackpot Winner Will Get a Hefty Tax Bill

does lottery winnings get taxed
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That's because when anyone wins the lottery, the IRS withholds 24% of the winnings off the top With a large jackpot, if the winner opted for the lump sum cash

The size of your prize indicates the tax rate your winnings will be subject to Lottery winnings up to $ are tax-free Anything above this amount is taxed

does speedway sell lottery tickets You can find information on, among others, the rates in the Explanation for the Betting and lottery tax return form What do you pay betting and

does loves sell lottery tickets prizes) is taxable to Wisconsin This includes winnings from the Wisconsin Lottery and out-of-state lotteries See Individual Income Tax