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

website federal lottery taxes Lottery taxes are really high, so if you think you will ever win this is how much money you would federal tax lottery winnings The winnings are subject to federal income tax withholding The tax withholding rate is 24% for lottery winnings, less the

federal lottery taxes Winnings are subject to federal and state income taxes Most tangible prizes like cars and homes are taxed at their fair market value Lottery winnings are  Income from lottery winnings and online games are included under the head 'Other source of Income' and is taxable at the special rate of 30%  The withholding rate for federal income tax is based, in part, on a claimant's resident status The Lottery is required to withhold federal taxes of 24% for

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