How Are Lottery Winnings Taxed in California?

website federal tax lottery winnings With a large jackpot, if the winner opted for the lump sum cash value, they would be subject to federal income tax at the top tax rate, which is 37% (So after federal tax rate on lottery winnings Like all other taxable income, the IRS requires you to report prizes and winnings on your tax return, too That means you might have to pay

federal tax lottery winnings Depending on your other income and the amount of your winnings, your federal tax rate may be as high as 37% You may also be subject to state  Depending on your other income and the amount of your winnings, your federal tax rate may be as high as 37% You may also be subject to state  However, the IRS will scrutinize shared lottery arrangements and assert gift taxes when such arrangements do not pass muster Tonda Lynn and her relatives found

Share

Share

Link

Turn off sharing Copy link

See all details