Powerball Jackpot Winner Will Get a Hefty Tax Bill

Lottery Tax Calculator: How It Works, What You Owe lottery winner taxes What do federal taxes look like on a lump sum payment? The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted lottery target number 9000 In Australia, lottery winnings are classified as tax-free income This includes all prizes won through Golden Casket, NSW Lotteries, Tatts, Tatts NT and SA

lottery numbers sc Winners will be responsible for any applicable taxes associated with the prize value unless otherwise specified No substitutions allowed, including cash