How Taxes on Lottery Winnings Work

federal tax rate for lottery winnings
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We do not tax California Lottery or Mega millions Visit Schedule CA Instruction 3s for more information How to report Federal return Report

For winnings over $5,000, the payor must withhold a minimum of 28% for federal withholdings and up to 15% for state withholdings You will pay

federal tax for lottery winnings lottery if the winnings are at You must withhold federal income tax from the winnings if the winnings minus the wager

federal income tax on lottery winnings That cuts the winner's take home to $595,308,000 Gambling winnings are subject to mandatory federal withholding taxes, so your lump sum payment