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

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Florida, South Dakota, Texas, Washington, Tennessee, and Wyoming don't impose any income tax at all, so your winnings are safe here

Besides the time-value-of-money discount rate, a lump-sum payout also results in federal tax of 37% on every dollar over $539,900 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

enrum slot The winnings constitute Part B income, taxed at 5% Directive 2: She cannot deduct the cost of the losing tickets to the extent of gambling gains because these Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments