What is the tax rate on the $1 billion Powerball jackpot?

Fourteen states don't levy additional tax on lottery winnings: Alabama, Alaska, California, Delaware, Florida, Hawaii, Nevada, New Hampshire,

What is the tax rate on the $1 billion Powerball jackpot? The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in

Fourteen states don't levy additional tax on lottery winnings: Alabama, Alaska, California, Delaware, Florida, Hawaii, Nevada, New Hampshire,

federal lottery 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,

income tax if the prize payment is includable in your federal adjusted gross income for the tax year If you are a resident of New York City or Yonkers, the

federal tax for lottery winnings As previously mentioned, you have to pay federal income tax on lottery winnings Right off the bat, lottery winnings over $5,000 are subject to

While lottery winnings of $600 or less are not reported to the IRS, winnings in excess of $5,000 are subject to a 25 percent federal withholding