Powerball Jackpot Winner Will Get a Hefty Tax Bill

Powerball Jackpot Winner Will Get a Hefty Tax Bill federal lottery tax
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federal lottery taxes If your prize is over $5,000, the IRS requires the payor to withhold 28% for federal taxes In addition to federal tax on lottery winnings, your

federal tax on lottery Question: My husband and I recently won the grand prize from my State's lottery Can you provide some guidance on how we will be taxed on our lotto winnings The federal government does not have a general lottery tax Lottery winnings are just taxable income Those funds go into the general fund