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All About Lottery Taxes

All About Lottery Taxes

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lottery winnings tax rate
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The TDS of % is a flat tax on the winning amount; it will not be added to your income and you will not be able to benefit from your income tax rate slab

Still, you'll probably owe more when taxes are due since the top federal tax rate is 37% As you can see from the 2023 rate table above, your Federal lottery taxes are determined by the income bracket the winnings fall into Currently the two highest income brackets are taxed at 37%

poker texas holdem online gratis sin registro If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% Income tax is withheld at a flat 24% rate from Federal lottery taxes Winning the lottery could push you into a higher tax bracket, and the highest bracket is 37% if you make over $518,400 in

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