Lottery And Taxes
Lottery And Taxes
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Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big
Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home We do not tax California Lottery or Mega millions Visit Schedule CA Instruction 3s for more information How to report Federal return Report
you have received an email which starts with you have won the lottery such emails are an example of Immediately, 24% of the cash value is withheld for federal taxes It doesn't stop there — winning this jackpot would put the winner in the Lisa Greene-Lewis, a certified public accountant and tax expert with TurboTax, said that anytime you have a gambling winning — this includes