What Happens When Players Hit the Lottery Jackpot in California?
What Happens When Players Hit the Lottery Jackpot in California?
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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
The lump sum payment is about 60–65% of the announced prize, let's say 62% Then federal tax is 37% There is no California state tax on lottery California California doesn't tax lottery winnings — that's good news if you win the Powerball jackpot, as Californian Edwin Castro did with
pola slot olympus maxwin If you're familiar with big lottery prizes or other gambling wins, you know you have to pay taxes on your prize How much you pay will depend on Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no
