How Are Lottery Winnings Taxed in California?

federal tax for lottery winnings   Dan federal lottery tax

That's because lottery winnings are generally taxed as ordinary income at the federal and state levels In fact

If the winner takes the payout, as many do, the federal tax would cut the prize by around $149 million In an estimate from USA Mega, an Question: My husband and I recently won the grand prize from my State's lottery Can you provide some guidance on how we will be taxed on our lotto winnings

crazy money slot machine app You are then taxed at the appropriate rate based on your income tax bracket It's not quite that straightforward, however… Federal Income 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