Winner Of $ Billion Lottery Gets $ Million After Tax

does the lottery get taxed
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As per section 115BB of the Income-tax Act,1961, the entire income from winning lotteries, games show, etc will attract tax at the rate of 30%

If you take the lump sum payout of a sizable lottery jackpot, you will likely be pushed into the top tax bracket of 37%  Some states tax winnings, too That's just federal taxes While not all states tax winnings, some do New York takes the most with a rate of

donkey in poker Do Lottery Winnings in India have to be Taxed? The Indian government has full control over how lottery winnings can be taxed The state What do federal taxes look like on a lump sum payment? The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted