Tax Tips for Lottery Winners

website california lottery tax The Lottery is required to withhold federal taxes of 25% for citizens and resident aliens providing a social security number, and 28% for california lottery mega millions winning numbers Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no

california lottery tax It is important to file tax returns reporting your winnings and pay taxes owed to avoid interest and penalties There is a 5 percent per month  The cash value was $ million, still an incredible amount of money The state of California doesn't tax lottery winnings, but the IRS does,  Generally, inherited lottery winnings are not taxable in California since there is no federal or state inheritance tax in California However,

Share

Share

Link

Turn off sharing Copy link

See all details