Lottery Tax Planning for a Billion Dollar Drawing

Lottery Tax Planning for a Billion Dollar Drawing federal lottery taxes If a winner is a resident and meets the gross income test , Connecticut Lottery winnings are, to the extent includable in the winner's federal adjusted federal lottery 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

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

federal lottery tax rate Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home The federal government does not have a general lottery tax Lottery winnings are just taxable income Those funds go into the general fund of