Do you need to pay tax on lottery winnings?
The Internal Revenue Service imposes a federal tax rate of 24%, and California's state income tax, with rates ranging from 1% to %,
how to not pay taxes on lottery winnings how to not pay taxes on lottery winnings
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The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes
how much is the lottery right now Options for Dealing With Prizes · Keep the prize and pay the tax This is the best option if you can afford the tax bill and can use the prize · Sell the prize