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Actual Powerball payout depends on where winner lives

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Bloomberg analyzed tax amounts to be paid by a single winner of the January 13 Powerball jackpot across 50 states and the District of.The Powerball jackpot keeps on climbing to tantalizing and record-breaking heights,. once the dust settles and the tax man takes his fair share,.

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DC Lottery winnings paid to residents of other jurisdictions may be subject to Federal income taxes and to state.

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Thanks to crushing taxes, a Powerball winner in New York City would bring home the smallest.

Both the federal and state government consider winnings from all forms of gaming to be income for tax purposes.Income Tax on Lump-Sum Lottery Winnings. Lump-sum lottery winnings are taxable as ordinary income in the year the prize.

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California is fiscal paradise for Powerball. who has studied the tax.Actual Powerball payout depends on where winner. of the lump sum and spread the tax burden over 29 years.

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Pretend You Won the Powerball. What Taxes Do You Owe

Dear Powerball Winner: Take Our Advice and. to satisfy the taxes due.The Federal Form 5754 allows the Lottery to send a separate W-2G tax form to each individual winner noting the amount won and.