For more information on taxes for lottery winnings in the state of New York, click here. The New York state tax rate for lottery winning sits at 8.82%, with New York City withholding 3.876% and Yonkers withholding 1.323%. For prizes greater than 5,000USD, US citizens and resident aliens having a social security number have their prizes reduced with 25%, which represents the federal taxes. The Powerball prize analysis tells you how much you would get after state, local and federal tax withholdings.Īs legally required by the state of New York, taxes are withheld on lottery winnings of 600USD or more.
The estimated jackpot for Powerball on Sat is $340 million. Updated: Thursday, November 23rd, 2023 12:06 AM
