Income Tax on Awards & Prizes
You're required to report all of your gambling winnings as income on your tax return, even if you end up losing money overall · You may receive
State of NJ - Division of Taxation how much federal tax on lottery winnings
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First, any prizes above $5,000 will be hit at least with a 24% federal tax, regardless of which state you are in The winner may owe additional
how to buy lottery ticket Income from lottery winnings and online games are included under the head 'Other source of Income' and is taxable at the special rate of 30%
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