How California Lawmakers Goosed Jackpots To Create

california tax on lottery winnings
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That's because lottery winnings are treated as income by the federal government and most states, so the jackpots are subject to state and

The top federal tax rate is 37% for income over $500,000 The first thing that happens when you turn in that winning ticket is that the federal

california lottery logo While you don't have to report lottery winnings of $600 or less, if you win more than $5,000, the government will hit you with a 24 percent federal withholding

california second chance lottery If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding