Taxes on Lottery Winnings Explained

california lottery tax rate
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A federal tax of 24 percent will be taken from all prizes above $5,000 before you receive your prize money You may then be eligible for

If you're a California resident and purchase your ticket there, you pay the 37% federal tax rate But you're in luck because California doesn't

california billionaire lottery winner The California Lottery will still withhold 24 percent of your winnings to pay federal taxes if you're a citizen or resident alien, and

california mega lottery You do not have to report certain non-taxable amounts as income, including the following: lottery winnings of any amount, unless the prize