Betting, Gaming and Lottery Tax

what is the tax for lottery winnings
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It is important to file tax returns reporting your winnings and pay taxes owed to avoid interest and penalties There is a 5 percent per month penalty for each

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 Besides the time-value-of-money discount rate, a lump-sum payout also results in federal tax of 37% on every dollar over $539,900

kerala lottery result 11.3 24 So if a person is a resident of India, the amount of lottery, winnings shall be taxed under Income From Other Sources in India even if it It's very important to pay the necessary taxes on lottery or prize money winnings in order to prevent fines and other legal repercussions Such