How Are Lottery Winnings Taxed in California?

How Are Lottery Winnings Taxed in California? irs tax on lottery winnings “The IRS is required to withhold 24% from the winnings, but that doesn't mean whoever wins and chooses the lump sum option is done paying taxes, irs tax on lottery winnings Hey Preston, Winners are not double-taxed on lottery winnings By law, we are required to withhold 24% federal and % state taxes on prizes

irs tax on lottery winnings “The IRS is required to withhold 24% from the winnings, but that doesn't mean whoever wins and chooses the lump sum option is done paying taxes,

irs lottery tax Federal Tax Withholding: The lottery is required to withhold 24% of your winnings for federal income tax purposes if you win more than $5,000  Like all other taxable income, the IRS requires you to report prizes and winnings on your tax return, too That means you might have to pay