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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2272
Experience:  Certified Public Accountant
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If someone hit the Powerball lotto for 50000.00 do they take

Customer Question

If someone hit the Powerball lotto for 50000.00 do they take taxes out on it and would it effect their regular it's debate at the end of the year
Submitted: 1 year ago.
Category: Tax
Expert:  Mark Taylor replied 1 year ago.

Hi, my name is Mark. I will be happy to help you with your questions.

Expert:  Mark Taylor replied 1 year ago.

The lottery would withhold Federal and State taxes.

Expert:  Mark Taylor replied 1 year ago.

Of course in Florida they would not withhold the state tax.

Expert:  Mark Taylor replied 1 year ago.

The government wants their money. The best chance of collecting is if a portion is withheld once you receive your winnings.

Expert:  Mark Taylor replied 1 year ago.

I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today.

Expert:  Mark Taylor replied 1 year ago.

Please let me know if you have any questions or need clarification. I am happy to help.

Expert:  Mark Taylor replied 1 year ago.

I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today.

Expert:  Mark Taylor replied 1 year ago.

Please let me know if you have any questions or need clarification. I am happy to help.