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Taxed both Federally and State at your ordinary income rate, it's just like any other income, whatever that rate for you would be - (depends on many factors, dedcutions, other income, other expenses, businesses, etc). The State and Fed will withhold an amount of the payout as an estimated tax (like payroll withholding), until the actual tax for that person, that year is determined.

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โˆ™ 2008-09-05 15:17:39
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Q: How much taxes is owed on an eleven million dollar lottery prize in the state of California?
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