How Are Lottery Winnings Taxed in California?

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Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,

In fact, lottery winnings are taxed, with the IRS taking up to 37% Curiously, though, only 24% is withheld and sent directly to the government  This includes winnings from the Wisconsin Lottery and out-of-state lotteries gambling session and the amount of money they brought out

psk 777 slot The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn  The TDS of % is a flat tax on the winning amount; it will not be added to your income and you will not be able to benefit from your income tax rate slab