If you win the $600 million Powerball, the tax man cometh

federal tax for lottery winnings
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federal tax for lottery winnings Fourteen states don't levy additional tax on lottery winnings: Alabama, Alaska, California, Delaware, Florida, Hawaii, Nevada, New Hampshire,  For prizes over $5,000, the Lottery is required to withhold 25% for federal taxes, and 8% for state income taxes For Video Lottery℠ Platinum Series  You'll need to pay taxes on lottery winnings whether you hit the jackpot or won a few hundred dollars Here's how it works and how to lower

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