$ billion Powerball winner to pay $0 in California taxes

Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

$ billion Powerball winner to pay $0 in California taxes Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

taxact lottery calculator Prize money is considered any money received from awards, raffles, lottery winnings, and any other type of contest Generally, the IRS taxes prize money as

California mountain town of Frazier Park sold the winning $ billion Powerball ticket taxes, and many states also tax lottery winnings

taxes on 2 million dollars lottery winnings While there are no state or local tax withholdings on lottery prize money in California, winners may still be responsible for paying other tax

If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding