Details on Taxes For Lottery Winnings In India

how much is taxed on lottery winnings
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lottery winners paid millions in taxes, but the specifics might astonish you This video

The tax rate for winning from lotteries and game shows is %, including cess Out of this, a 30% tax is applied on winning the lottery and While lottery winnings of $600 or less are not reported to the IRS, winnings in excess of $5,000 are subject to a 25 percent federal withholding

kerala lottery result 11 08 23 Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes, Lottery winnings are considered ordinary taxable income by the IRS Even if an installment winner sells the future income stream to another