What Happens When Players Hit the Lottery Jackpot in California?

As with any prize, the home's fair market value must be reported on Form 1040 as other income, and will be taxed at your marginal income tax rate Unless they

In California, representatives of the estate can contact the Lottery's How Do I Avoid Inheritance Tax on Lottery Winnings? In most states, you will

california lottery second chance Lottery Tickets: Sales of tickets for California Lottery games are not taxable You should not include them in your sales and use tax return as part of your

california lottery claim form What do federal taxes look like on a lump sum payment? The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted