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

tax for lottery winnings
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The reward would be subject to tax according to Section 56 and reported under the title “Income from Other Sources ” The lottery winners are

Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,

tax on winning lottery Montana Code Annotated 2023 TITLE 15 TAXATION CHAPTER 30 INDIVIDUAL INCOME TAX Part 25 Estimated Tax and Withholding Withholding Of Lottery Winnings

tax lottery Since the tax withholding rate on lottery winnings is only 24%, some lottery winners do not plan ahead, and can have trouble paying their