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What do federal taxes look like on a lump sum payment? The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted
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This form reports the amount of your Lottery winnings and must be filed with your federal income tax return You should also keep a copy for your records
how many numbers on a lottery ticket The good news is there is no income tax on lottery winnings here in California California is one of the eight states that does not require