Lottery Winnings: How much tax? How much can I give to family?

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

If you win more than $5,000, you will also be taxed federally When winnings include items that are non-cash prizes , the items will be

1_32 scale slot cars Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

1x slot • Winner receives: $5,003,341 after federal and state taxes If you choose the annual payment option, based on a $12 million Lotto jackpot: • Winner receives