Taxes on Prize Winnings and More!

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Speaking of taxes, Canadians may have heard of lottery winners paying substantial amounts in tax on their winnings The good news is

Lottery winnings do not get taxed on the California state level but are subject to federal taxes We can not stress enough how important it is If you win the Mega Millions jackpot in California, you'll be happy to know that there are no taxes on lottery winnings in the state

goin-001 Yet the top marginal tax rate of 37 percent means you'd owe a lot more at tax time And state taxes typically are due as well The big impact Your total annual payment in California would be about $32,587,045 post federal taxes After 30 years, this makes your total jackpot