Lottery Jackpot IRS Tax Estate Planning San Diego

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California law prohibits the imposition of any state or local tax on the sale of lottery tickets or shares of the lottery, any prize awarded by the

California does not tax lottery winnings If individuals win the lottery in California, they are not required to pay state taxes on their winnings However, California does not tax California Lottery winnings, however it taxes lottery winnings from other jurisdictions For SuperLotto Plus and Mega Millions

cawd 525 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, Lottery winnings are considered taxable income for both federal and state taxes · Federal tax rates vary based on your tax bracket, with rates up to 37%