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

federal income tax on lottery winnings
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Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,

The lucky ticket holder can expect an automatic federal withholding of 24% and state withholding of 8%, but the final bill will be millions more

federal tax for lottery winnings Federal income tax refunds; State income tax refunds; State Lottery winnings; Funds from unclaimed property If you believe the amount withheld was incorrect,

federal taxes on lottery winnings Shareholders, partners, or members in pass-through entities receiving income from gambling or lottery activities are subject to personal income tax on their