Special tax on lottery prizes and betting

how much does the government tax lottery winnings
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Flat Tax Rate*: Lottery winnings are taxed at a flat rate of 30% under Section 115BB of the Income Tax Act Surcharge and Cess: In addition to

The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in that

how to maintain a poker face However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the

how to play lottery State income tax refunds; State Lottery winnings; Funds from unclaimed property If you believe the amount withheld was incorrect, call 1-800-676-5737 or write