Lottery Jackpot IRS Tax Estate Planning San Diego

website california tax lottery winnings California does not tax California Lottery winnings, however it taxes lottery winnings from other jurisdictions For SuperLotto Plus and Mega Millions california lottery daily derby Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

california tax lottery winnings Lottery winners often end up with large estates that may be subject to federal estate taxes after their death In 2023, the estate tax exemption is $  While there are no state or local tax withholdings on lottery prize money in California, winners may still be responsible for paying other tax  That means if you live in California, but purchase a winning ticket in Oregon — which has state tax of 8% on jackpot winnings — your take-home

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