What Percentage of Lottery Winnings Would be Withheld in Your

how much taxes is taken out of lottery winnings
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How much are lottery winnings taxed ? Lottery winnings are subject to federal income tax at a rate of 24%, and some states may also impose their own tax on

According to Section 194B of the IT Act, 1961, a tax rate of 30% is applicable on lottery winnings exceeding Rs 10,000 This is treated

how much can you win on postcode lottery While filing the income tax return, the prize money won must be disclosed under 'income from other sources ' the winner of the lottery must also

how much do they take out of lottery winnings Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or