What Is the Tax Rate for Lottery Winnings? - Money

What Is the Tax Rate for Lottery Winnings? - Money california taxes on lottery winnings California no longer taxes lottery winnings, so only the federal tax would be withheld Other states have different rules, and some even have a california lottery daily 3 You are taxed on anything you win, whether it's cash, an item, a trip, or a service Winnings are subject to federal and state income taxes Most tangible

california lottery daily 3 Taxes are deferred until payouts are received Winners choosing annuity payments often hedge their bets that tax rates will be lower in the future Investment

california lottery Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax When you win the lottery, the winnings are taxable income, and you must pay federal and state taxes You may be subject to the highest tax bracket depending on