What Happens When Players Hit the Lottery Jackpot in California?

federal lottery taxes
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Lottery winnings are taxed by the federal government and by many state governments, but there may be steps you can take to avoid them

Lottery winnings over $5,000 are subject to both federal and state income tax withholding—this is, part of your winnings are automatically paid

federal lottery Lottery winnings are subject to federal income tax at a rate of 24%, and some states may also impose their own tax on lottery winnings, ranging from 0% to %

federal lottery taxes The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in that