Income Tax on Winning Lottery, Game Shows, Awards, and Prizes

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The Internal Revenue Service imposes a federal tax rate of 24%, and California's state income tax, with rates ranging from 1% to %,

The tax rate for winning from lotteries and game shows is %, including cess Out of this, a 30% tax is applied on winning the lottery and Winnings from lottery are flat taxable at the rate of 30% under income tax act, 1961 · The basic exemption limit is not available in case of

does 3 of a kind beat a straight in poker States like New York impose a % tax on lottery earnings, whereas others, such as Texas, Florida, and California, do not tax them at all The The Internal Revenue Service imposes a federal tax rate of 24%, and California's state income tax, with rates ranging from 1% to %,