Income Tax on Awards & Prizes

how much tax is on lottery winnings
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how much tax is on lottery winnings The TDS of % is a flat tax on the winning amount; it will not be added to your income and you will not be able to benefit from your income tax rate slab   That's because lottery winnings are treated as income by the federal government and most states, so the jackpots are subject to state and  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,

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