What to do with lottery winnings in Canada
What to do with lottery winnings in Canada
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Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,
Winning, receiving a share of a win or being gifted money has no tax implications on the initial amount and does not need to be reported to us If you receive a large winnings payout as a lump sum, you leave your money vulnerable to higher tax rates by the IRS Are foreign lottery
crypt poker collection California does not tax lottery winnings If individuals win the lottery in California, they are not required to pay state taxes on their winnings However, If you win more than $5,000, you have to pay a 24 percent federal withholding tax However, depending on your annual earnings and tax deductions, you may get
