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

website lottery taxes in texas Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no lottery wednesday night If you win the Powerball and take the lump sum payment, right away, nearly a quarter of it is withheld for federal taxes And you're not off the

lottery taxes in texas Lottery winnings are taxed for the year in which they are collected, allowing winners who choose annuities to spread out the tax bill If you win a house, boat,  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  Texas Texas is another state that won't tax your Mega Millions lottery winnings That's good news for the ticketholder who matched five

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