Tax Tips for Lottery Winners

california lottery tax
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Households must report receipt of substantial lottery or gambling winnings within 10 calendar days of receipt of winnings at any time during the

Becker says most people opt for a lump sum payout, which in this case would be $ million before federal taxes California does not tax

california lottery website If the cash prize is chosen, the amount will drop to $ million after a mandatory federal tax withholding of 24% Depending on the winner's

california lottery home page Lottery winnings do not get taxed on the California state level but are subject to federal taxes We can not stress enough how important it is