Tax Tips for Lottery Winners

Although state and local taxes are not withheld on any Lottery prize, you may still be liable for any California state and local personal income taxes based on

Tax Tips for Lottery Winners Winnings are subject to federal taxes, and many states also tax lottery winnings California does not have a state tax on lottery winnings

Although state and local taxes are not withheld on any Lottery prize, you may still be liable for any California state and local personal income taxes based on

california lottery daily 3 evening The California Lottery is required by law to withhold federal taxes, which can vary based on the state the winner lives in At the very least,

Lottery tickets are not subject to sales tax They are considered the sale of an intangible right, not tangible personal property

casino days poker But if you take the lump-sum cash prize, you'll pay tax twice: on the prize when you win it, and on the income you get by investing it This

While winning the lottery can be exciting, those jackpots can become a tax nightmare if you don't protect your winnings Lottery winnings are taxed as income