Gambling Personal income types - Franchise Tax Board -

federal lottery tax rate   Dan federal lottery tax

A federal tax of 24 percent will be taken from all prizes above $5,000 before you receive your prize money You may then be eligible for

If you win over $5,000 from a Powerball or Mega Millions jackpot, or any lottery game, state lotteries are required to withhold 24% in federal The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in

model lottery Fourteen states don't levy additional tax on lottery winnings: Alabama, Alaska, California, Delaware, Florida, Hawaii, Nevada, New Hampshire, income tax if the prize payment is includable in your federal adjusted gross income for the tax year If you are a resident of New York City or Yonkers, the