Tax on Winning Game Shows and Lotteries

how much are you taxed on lottery winnings
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The entire amount will be taxable at a flat rate of % For example, if you were to win a prize of ₹4 lakh at a contest and your annual

You'll also likely find yourself in the top federal tax bracket of 37% (remember, these rates are progressive, so you won't actually lose 37% of When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal

how old do you have to be to buy a lottery ticket in new york Personal Income Tax Facts: Taxpayer Davis, a computer programmer, buys 15 lottery tickets each week choosing ticket numbers according to a system she has In India, lottery winnings are subject to a tax deduction at source of 30% if the amount of the winning exceeds Rs 10,000 Therefore, if