What would the $ billion Powerball jackpot's tax bill be in Texas?

do you pay taxes twice on lottery winnings
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Since US lottery winnings greater than $5k have taxes automatically withheld from the payment, and the annuity payment always

Not only are the lottery winnings taxable income to the winner, which will be taxed at a marginal rate of 35%, if the winner tries to share them Bruce Bell: Lottery payments are subject to tax as ordinary income While there is little you can do to avoid this income tax, there are steps

ca lottery draw games If you were an Illinois resident when the gambling winnings were earned, you must pay Illinois Income Tax on the gambling winnings However, you may include the Gambling winnings must be reported and included in a taxpayer's gross income for federal tax purposes and also counts for state income tax