Gambling and Lottery Winnings

federal lottery taxes
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The California Lottery is required by the Internal Revenue Service to withhold federal taxes on many prizes There is no California state or

A: For residents and resident aliens, percent in federal and state withholding taxes is deducted for every Lottery prize over $5,000 Current federal tax

federal lottery tax calculator 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%

federal tax rate on lottery winnings If your prize is over $5,000, the IRS requires the payor to withhold 28% for federal taxes In addition to federal tax on lottery winnings, your