Special tax on lottery prizes and betting

is the lottery taxed
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Lottery wins are subject to a 30% TDS rate However, the TDS rate increases to % (including surcharge and

Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket, Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or

kerala lottery onam bumper result 2023 But IRS tax rates don't stop at 24% In fact, the federal marginal rate is as high as 37%, depending on the winner's taxable income The winner While no government labels its lottery as a tax, lottery profits are an implicit tax taxed, cause tax pyramiding is compulsory on the