$ billion Powerball winner to pay $0 in California taxes

tax on lottery winnings california
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When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal

There is however, one guaranteed winner in the lottery–the IRS Not only are the lottery winnings taxable income to the winner, which will be California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming do not have lottery winnings withheld This means that only federal

diamond dragon tiger poker The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted from your winnings And for a large prize like the Mega Lottery winnings are taxed as income The IRS will take 25% and as much as an additional 13% could be withheld in state and local taxes, depending on where you