$ billion Mega Millions: How is the lottery taxed in CA?
$ billion Mega Millions: How is the lottery taxed in CA?
For example, if a person purchases ten Connecticut Lottery tickets at $1 apiece for the same drawing and one of the tickets wins $5,500, the amount of the
Lottery winnings, considered taxable income, are subject to both federal and state income taxes The Internal Revenue Service imposes a Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax
national lottery syndicate agreement Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax Lottery winnings also count as income, so by winning the jackpot, the ticketholder has been pushed into the 37% tax bracket for those with
