Won a lottery or prize money in India? Here's what you need to know

Won a lottery or prize money in India? Here's what you need to know taxes lottery winnings
➡️【Mk.com】✅Casino · आपका पसंदीदा बिग फिश कैसीनो गेम अब ➡️【Mk.com】✅ पर उपलब्ध है! मुक्त करने के लिए खेलते हैं। स्पिन करें, प्रतिस्पर्धा करें, दिखावा करें और दोस्त बनाएं!  While you don't have to report lottery winnings of $600 or less, if you win more than $5,000, the government will hit you with a 24 percent federal withholding taxes paid on lottery winnings No, winnings are taxed at a flat rate of % They are not taxed at the tax slab rate of the individual Q- When will awards be tax-free?

taxes paid on lottery winnings In fact, lottery winnings are taxed, with the IRS taking up to 37% Curiously, though, only 24% is withheld and sent directly to the government

taxes on $5 For prizes over $5,000, the Lottery is required to withhold 25% for federal taxes, and 8% for state income taxes For Video Lottery℠ Platinum Series While you don't have to report lottery winnings of $600 or less, if you win more than $5,000, the government will hit you with a 24 percent federal withholding