What is the tax rate on the $1 billion Powerball jackpot?

american lottery tax
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Any person, resident or non-resident, that wins a large lottery prize in the United States will have to pay taxes worth between 25% and 45%

Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no You cannot deduct gambling losses that are more than your winnings The Maine State Lottery does not collect non-winning tickets and does not send you a tax

punjab abc lottery taxes Indirect taxes INCOME Proceeds of monopolies Lottery Income of government property Sundry receipts Total EXPENSES General expenses States like New York impose a % tax on lottery earnings, whereas others, such as Texas, Florida, and California, do not tax them at all The