I Won the Lottery! How Bad Are Taxes Going to Be?

tax on lottery winnings usa
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income for the year of change on your federal income tax return must be included in The lottery prize payment is gambling winnings taxed as ordinary income

The governing lottery body withholds 24% of the prize automatically, leaving the balance to be paid by the winner, according to Lottery USA If

tax rate on lottery winnings in india Like all other taxable income, the IRS requires you to report prizes and winnings on your tax return, too That means you might have to pay

tax on lottery The same is true at the state level While lottery winnings are subject to state income tax in most states, withholding tax varies from zero (