Powerball and taxes: What you have to pay if you win the $935 million

lottery tax in usa
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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,

Determine if your gambling winnings are exempt from federal income tax and if you're eligible to claim a refund of withheld taxes  A winner does not have to be a citizen in order to claim a prize Federal tax rates are subject to change and there may be an additional tax liability

gsn slot Gambling winnings, including winnings from the Minnesota State Lottery and other lotteries, are subject to federal and Minnesota income taxes The federal tax rate on lottery winnings is fixed at 24% for any amount over $ Though the initial withholding by the lottery organization