Tax on Lottery Winnings and Game Show Winnings in India

what taxes do you pay on lottery winnings
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That's because lottery winnings are generally taxed as ordinary income at the federal and state levels In fact

Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments Personal Income Tax Prizes received by Massachusetts residents from the Massachusetts lottery or from lotteries, raffles, races, beano or other events of

top agen slot The Lottery Department shall withhold Virginia income tax at the rate of % on the proceeds from any lottery prize in excess of $5,000 The tax shall be Lottery winnings, considered taxable income, are subject to both federal and state income taxes The Internal Revenue Service imposes a