Colorado Lottery: The tax bill for the $ Powerball jackpot
Note: The implicit tax revenue is the portion of lottery revenue kept by the state, or the “profit ” It does not include federal or state income
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Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by the IRS and most state governments The
how to beat the lottery US lottery taxes differ from other countries because winnings are considered taxable income for both federal and possibly state taxes The federal government