Lottery Payout Options: Annuity vs Lump Sum

california lottery tax
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Lottery winnings are subject to federal and sometimes state taxes If you win big, plan for the taxes ahead of time Updated May 24, 2024

Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments

california lottery past winning numbers pick 3 Even though you don't have to pay state taxes on lottery wins in California, you will still have money withheld for your federal taxes The IRS offers form W-2G

california lottery news California does not tax California Lottery winnings, however it taxes lottery winnings from other jurisdictions For SuperLotto Plus and Mega Millions