Tallying Up the Taxes on Lottery Winnings - TurboTax

how much tax is taken from lottery winnings
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How do lottery taxes work? ; 10% $0 to $11,600 10% of taxable income ; 12% $11,601 to $47,150 $1,160 plus 12% of the amount over $11,600 ; 22

To sum it up, the actual winning amount or value is subject to a 30% TDS rate under Section 194B The relevant tax that is withheld at source Key Takeaways · You are taxed on anything you win, whether it's cash, an item, a trip, or a service · Winnings are subject to federal and state income taxes

lottery sambad 06 04 24 Lottery winnings, considered taxable income, are subject to both federal and state income taxes The Internal Revenue Service imposes a The winning amount is tax free, however you will be charged when you put it in the bank or when inheritance tax is charged