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

how much is lottery taxed
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Any guesses on how much tax you have to pay? Photo: AFP · Now, the laws also say that tax can be deducted only if such lottery income is greater

The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes 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

caribbean stud poker game tax Well , the lottery raises as much , I think , or nearly as much as our truck mileage tax , even at its present low level of production Senator may be deducted from total winnings received during the same tax year PA Lottery Ticket Costs The cost of tickets for the Pennsylvania Lottery purchased on or