Taxes on Lottery Winnings

federal tax rate for lottery winnings   Dan federal lottery tax

The good news is there is no income tax on lottery winnings here in California California is one of the eight states that does not require

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 Income from lottery winnings and online games are included under the head 'Other source of Income' and is taxable at the special rate of 30%

iceland background slot If you win more than $5,000 in the lottery or certain types of gambling, 24% must be withheld for federal tax purposes You'll receive a Form W- The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn