What Happens When Players Hit the Lottery Jackpot in California?

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Right off the bat, expect the federal government to take at least 24% of winnings over $5,000 upfront Why? Lottery winnings are considered

Winners with questions about their individual tax liability should consult a qualified tax professional prior to filing their tax return Winners who A: Ten percent Q: What is the Lottery Winnings Tax? A: It is a tax charged on all prize money

十束流羽 After calculating your net winnings, the first thing the IRS will do is take 25 percent of your prize money for taxes This 25 percent is Prizes and winnings are always taxable once they are in the winner's possession The reward would be subject to tax according to Section 56