How Are Lottery Winnings Taxed in California?

are lottery winnings taxable
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First, any prizes above $5,000 will be hit at least with a 24% federal tax, regardless of which state you are in The winner may owe additional

Your local citytown may also require your lottery winnings to be taxed as income and this can result in another line of deduction from your

area 118 slot Amounts won from a game show or lottery are taxable under Section 56 of the Income Tax Act, 1961 According to Section 194B winnings from lotteries,

are online slot machines rigged 2 Federal Tax Withholding: The lottery is required to withhold 24% of your winnings for federal income tax purposes if you win more than $5,000