ca lottery taxes
Taxes on Lottery Winnings by State 2024
ca lottery taxes
website ca lottery taxes Lottery winnings are subject to federal and sometimes state taxes If you win big, plan for the taxes ahead of time Updated May 24, 2024 casino frenzy slot machines The cash value was $ million, still an incredible amount of money The state of California doesn't tax lottery winnings, but the IRS does,
ca lottery taxes The Lottery is required to withhold federal taxes of 25% for citizens and resident aliens providing a social security number, and 28% for Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments While California doesn't tax lottery prizes, there's a mandatory 24% federal withholding and the winner likely owes millions more Joe
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