Lottery Payout Options: Annuity vs Lump Sum

california taxes on lottery winnings
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Are Lottery Taxes Deductible in California? According to the California Tax codes, lottery winnings are not subject to state tax withholding Similarly,

If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding

california lottery calculator There is no California state or local tax withholding The Lottery is required to withhold federal taxes of 24% for Citizens and

california lottery archives Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax