I Won the Lottery! How Bad Are Taxes Going to Be?

if you win the lottery is it tax free
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Example: If you won $10,000 but lost $15,000 You may deduct $10,000 California lottery We do not tax California Lottery or Mega millions

But the good news is that if you are lucky enough to win something, it is completely tax free It's one of the few times Revenue won't demand a

if i win the lottery do i have to share with my spouse Depending on your filing status and the taxable income , you are subject to a 10-37% tax rate If your prize is over

if i the lottery As per the Income Tax rules, money won in a lottery or any competition is taxable You will have to pay a flat 30 per cent of the winning amount