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

if you win a million dollar lottery how much is taxed
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The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in that

Right off the bat, one must consider that the federal government taxes lottery winnings at 24 percent, knocking the cash prize down to a mere (

if you win the lottery where do you put the money Cash prizes: If you enter a drawing and win $1,000, you've won a cash prize Other ways to win cash prizes could include sweepstakes, a game

if you won the lottery If the lump sum payment is chosen, the prize amount will drop to $ million after a mandatory federal tax withholding of 24% is applied