Tallying Up the Taxes on Lottery Winnings - TurboTax

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We do not tax California Lottery or Mega millions Visit Schedule CA Instruction 3s for more information How to report Federal return

Lottery winnings of $600 or less are not reported to the IRS; winnings in excess of $5,000 are subject to a 25 percent federal withholding Lottery winnings that are more than $5,000 get a federal tax of 24 There are also additional federal taxes of about 37% In total

lottery cut off time california The lottery agency must withhold 25% of your winnings for federal income taxes How much is withheld for state income taxes varies from state to The winner of the lottery jackpot that currently sits at $ billion would expect to pay at least $135 million in federal income taxes if they