$ billion Mega Millions: How is the lottery taxed in CA?

what percentage of lottery winnings go to taxes
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Before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000, CNBC explains Out of

Lottery winnings are considered ordinary taxable income by the IRS Even if an installment winner sells the future income stream to another Before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000, CNBC explains Out of

luck zone texas lottery This 25 percent is withheld from your winnings, so you won't ever actually get this money It will go directly to the IRS instead Your tax Lottery winnings are considered taxable income Besides the upfront withholding, your total federal tax rate could be higher—up to 37% If you