If you won a $500 million jackpot in California and chose to take a

california lottery taxes
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It is important to file tax returns reporting your winnings and pay taxes owed to avoid interest and penalties There is a 5 percent per month

Alvarez opted for the latter, which amounted to $ before federal taxes Earlier in March, the California Lottery identified In federal tax laws, lottery scratch-off tickets are considered gambling winnings They are taxable income You may be able to deduct gambling

ultimate x poker strategy The California State Lottery owes public schools $36 million, according to a recent state audit Follow · Follow · Follow In 1984, the state lottery was The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes