What Taxes Are Due on Gambling Winnings?

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In India, lottery winnings are subject to a tax deduction at source of 30% if the amount of the winning exceeds Rs 10,000 Therefore, if

Q- How much tax is paid for a 5 crore lottery? The entire amount received will be taxable at the flat rate of % The award winner would 30% of lottery winnings are subject to income tax Surcharge equals 15% of the income taxes paid if the amount is greater than one billion, one

kitorune kawaguchi That's because when anyone wins the lottery, the IRS withholds 24% of the winnings off the top With a large jackpot, if the winner opted for the lump sum cash If the winner takes the payout, as many do, the federal tax would cut the prize by around $149 million In an estimate from USA Mega, an