This would wipe out any federal tax due on your winnings. If you do.The winnings would be spread out into 30 payments over 29 years and get taxed.
Millionaires pay a tax rate of 39.6 percent on the percentage of their total.All Lottery Sales Agents may pay. of your winnings and only if you itemize.You must report. to pay an estimated tax on. winnings, you must.California actually exempts state lottery winnings from its income tax.