Powerball Jackpot Winner Will Get a Hefty Tax Bill

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The Connecticut Lottery Corporation will withhold Connecticut income tax at the rate of 5% from all payments of reportable Connecticut lottery winnings made to

The current federal income tax rates are 10%, 12%, 22%, 24%, 32%, 35%, and 37% So, depending on the amount of prize money received, the federal That's because when anyone wins the lottery, the IRS withholds 24% of the winnings off the top With a large jackpot, if the winner opted for the lump sum cash

states with most lottery winners The IRS automatically withholds 30% of net lottery winnings in the US The rate at which the net winnings are ultimately taxed though depends on Immediately, 24% of the cash value is withheld for federal taxes It doesn't stop there — winning this jackpot would put the winner in the