What Is the Tax Rate for Lottery Winnings? - Money

how much does california tax lottery winnings
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The California Lottery is required by the Internal Revenue Service to withhold federal taxes on many prizes There is no California state or

Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax Before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000, CNBC explains Out of

wild-o-tron 3000 slot This form reports the amount of your Lottery winnings and must be filed with your federal income tax return You should also keep a copy for your records  California is one of only nine states that does not apply state income taxes to lottery winnings No lottery at all No state