5 Tips for Avoiding Taxes on Lottery Winnings

The California Lottery is required by the Internal Revenue Service to withhold federal taxes on many prizes There is no California state or

The 2024 federal tax brackets place the Mega Millions jackpot winnings at a 37% tax rate, whether the winner opts for the lump sum or not That's because the 37

federal tax on lottery winnings Lottery winnings are taxed by the federal government and by many state governments, but there may be steps you can take to avoid them

federal taxes on lottery winnings How do lottery taxes work? ; 10% $0 to $11,600 10% of taxable income ; 12% $11,601 to $47,150 $1,160 plus 12% of the amount over $11,600 ; 22