Setting Up a Trust for Lottery Winnings

california tax lottery winnings
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Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting a little more than $12 million from the annual

California is one of 14 states in the country that does not tax lottery winnings, although the winner may still be required to pay state and

california lottery tickets Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

california lottery tax calculator However, states with no state income tax, like Florida and Texas, will not tax your lottery winnings And two other states don't tax