How are Lottery Winnings Taxed?

how much taxes are taken from lottery winnings
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lottery winners paid millions in taxes, but the specifics might astonish you This video

Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by the IRS and most state governments The

poker tournament melbourne If I won today's $550 million jackpot, I'd pay 24% in federal taxes, plus 4% in state taxes What they're saying: It's difficult Section 194B of the Income Tax Act requires 30% TDS on lottery & game show winnings over Rs 10000, with an effective tax rate of %,