What Should You Do After You've Won Powerball or Mega Millions?

if you win lottery do you pay tax
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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 that

Yes, lottery winnings are taxable under state and federal law In Pennsylvania, all lottery winnings are subject to the commonwealth's % If so, you must include its fair market value when figuring your income Reporting gambling profits and loss on your taxes Gambling losses can be

mega millions ky lottery As per section 115BB of the Income-tax Act,1961, the entire income from winning lotteries, games show, etc will attract tax at the rate of 30%  The Pennsylvania Lottery will automatically withhold PA personal income tax on prizes greater than $5,000 claimed after July 12, 2016 Winners of over $600