if you win lottery do you pay tax
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if you win lottery do you pay tax
if you win lottery do you pay tax
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if you win lottery do you pay tax You must pay federal income tax if you win You'll fall into the highest tax bracket in the year you win if you take the jackpot in a lump sum Example: If you won $10,000 but lost $15,000 You may deduct $10,000 California lottery We do not tax California Lottery or Mega millions HM Revenue & Customs doesn't regard lottery winnings as income, so all prizes are tax-free
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