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

how to calculate taxes on $5000 lottery winnings
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While lottery winnings of $600 or less are not reported to the IRS, winnings in excess of $5,000 are subject to a 25 percent federal withholding

More than $5,000 from a poker tournament To calculate winnings, prize amounts are reduced by the amount of the wager Non-cash prizes, such as automobiles

how much taxes on lottery winnings If your lottery winnings exceed $5,000, the prize payor can withhold up to 15% for state taxes If you live in a state with no income tax (

how likely am i to win the lottery Most prize winners pay a fixed federal income tax rate of 24% on their lottery winnings over $5,000 Federal prize withholdings are calculated on the amount of