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

tax lottery
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What is Lottery tax? Tax on the sale of lots or on the receipt of prizes after the drawing of lots

How Taxes on Lottery Winnings Work Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be Taxpayers who fail to keep or retain accounts, statements or records required for fulfilling the tax obligations under the Gambling Duties Act

rajya lottery ticket Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes, The Pennsylvania Lottery automatically withholds taxes for winnings more than $5,000 Winners will receive a W-2G tax form in the mail for all prizes won that