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

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

All winnings over $5,000 are subject to tax withholding by lottery agencies at the rate of 24% This potentially leaves a gap between the That's because lottery winnings are treated as income by the federal government and most states, so the jackpots are subject to state and

14.6.24 kerala lottery result Lottery winnings are deemed regular taxable income for both federal and state tax purposes Most of the winners go with the immediate, For prizes over $5,000, the Lottery is required to withhold 25% for federal taxes, and 8% for state income taxes For Video Lottery℠ Platinum Series