Taxation: The Taxman Cometh: How Lottery Winnings are Taxed

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Income from lottery winnings and online games are included under the head 'Other source of Income' and is taxable at the special rate of 30%

Federal tax Right off the bat, lottery agencies are required to withhold 24% from winnings of $5,000 or more, which goes to the federal The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn

lottery result vishu bumper 2024 The good news is there is no income tax on lottery winnings here in California California is one of the eight states that does not require Also, federal laws and regulations may restrict such sales You must buy The state of South Dakota does not tax lottery winnings How can I hear