Publication 140-W - FAQS: New York State Lottery Winners -

how much tax is paid on lottery winnings
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The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted from your winnings And for a large prize like the Mega

Regarding TDS on prize money, bear the following in mind: Regardless of their regular income, winnings, age, or physical condition, everyone is required to pay Before seeing a penny of the jackpot, winners pay a sizable tax withholding Winnings above $5,000 require a 24% mandatory upfront federal

lottery sambad night result lottery sambad After the funds are credited to the bank account, the person must pay this within two months In the event that person does not, a 1 percent 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