How much would the $ billion Powerball jackpot's tax bill be?

federal lottery tax rate
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lottery prize is not exempt from federal income tax because of a foreign tax treaty The current federal withholding rate for individuals is

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

federal lottery The Ohio Lottery Commission doesn't track that figure and the Department of Taxation doesn't isolate income taxes generated from the lottery,

federal tax for lottery winnings While Americans are generally allergic to high taxes, the high tax rates on lottery winnings haven't provoked a public outcry If you win over