Tax Planning for Lottery Winners
Tax Planning for Lottery Winners
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States with no state income tax, like Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming do not tax lottery winnings Other states like
On the other hand, the following states do not tax lottery winnings: California, Delaware, Florida, South Dakota, Tennessee, Texas, Washington, and Wyoming The good news is there is no income tax on lottery winnings here in California California is one of the eight states that does not require
free super jackpot party slot machine online Eight states do not tax lottery winnings — but the tax rate on lump-sum or annuity payments varies in the others In other states, the tax rate on lottery For prizes over $600, the Texas Lottery Commission is required to withhold 24% for lottery winnings, less the wager Examples: * If you purchase a $50 ticket