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

taxes on $1 million dollars lottery winnings
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The payer will deduct 24% from your winnings on the spot if you win above a certain amount · You'll report your winnings and your tax payments when you file

The IRS considers lottery winnings to be taxable income For tax purposes, the IRS views your payout similarly to wages earned from your job As m going to win the million dollars And Carpenter was equally cool five months later when he paid the $400,000 tax bite on his winnings

free credit slot e wallet State lotteries will immediately deduct 24% of jackpot winnings for federal taxes, and additional federal taxes may be required when filing Should a ticket holder from New Jersey opt for the annuity and hit the jackpot, he or she would pay $246 million in federal taxes and another