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The time is now 11:14 am
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March 29, 2024, 10:17 am
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California Lottery 24% withholding
Published:
According to the California Lottery Handbook for Lottery winners. The California Lottery is required to withhold federal taxes of 24% for U.S. Citizens and Resident Aliens providing a Social Security number and 24% for U.S. Citizens and Resident Aliens not providing a Social Security number.
This 24% has been changed from 25%. We will still pay the IRS 37% of our winnings. California does not tax lottery winnings.
This winners handbook can be found on the California Lottery Homepage at calottery.com.
Click on the Win tab, look on the next page and the winners handbook can be found on the left side of the screen. Click on Winners Handbook. You will then select your language. Then you will be shown the handbook in your language.
On a separate note... I could not find Page 2 of Processing Your Claim on YouTube. It may be undergoing an update and I will look forward to that.
Also, 6 weeks is the time that a winner will have to wait for the check to be issued for a Mega Millions winner or a Power Ball winner. Six weeks is also the amount of time a winner will have to wait to receive the first check when choosing the Annuity. The first check of thirty total.
As always contact your accountant or CPA. You will be able to afford one after a big win.
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Comments
Now all that left is to hit the JP :-)
Regards
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