$ billion Mega Millions: How is the lottery taxed in CA?

website federal lottery tax When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal federal tax for lottery winnings Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no

federal lottery tax If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding  The withholding of federal or state income taxes, when required, does not affect the calculation of the proceeds from a wager Also, if a person makes multiple  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,

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