California - Subtractions--Lottery Winnings

Even though you don't have to pay state taxes on lottery wins in California, you will still have money withheld for your federal taxes The IRS offers form W-2G

Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments

car phone holder cd slot 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,

cawd441 Client had already filed Federal and Hawaii 2014 returns and wasn't amending the Fed or HI returns Lottery winnings didn't trip any Federal tax