Lottery Tax Calculator
Lottery Tax Calculator
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Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax
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 Yes, you do have to pay federal tax on California Lottery winnings However, you do not have to pay state or local taxes on any money you win playing the
best lottery numbers Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments California is one of 14 states in the country that does not tax lottery winnings, although the winner may still be required to pay state and
