$ billion Mega Millions: How is the lottery taxed in CA?

federal tax rate on lottery winnings
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Before seeing a penny of the jackpot, the winner will pay a 24% mandatory upfront federal withholding to the IRS If they choose the $

Tax treatment of winnings Winnings received are not taxable as they are windfalls and not considered as an income You do not need to declare Lottery winnings that are more than $5,000 get a federal tax of 24 There are also additional federal taxes of about 37% In total

sreelakshmi lottery result today 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 A Amount to be withheld The Lottery Department shall withhold Virginia income tax at the rate of % on the proceeds from any lottery prize in excess of