Lump Sum or Annuity for Lottery Winners?

Most states tax lottery winnings as well; depending on where you live your total tax bill could be as high as 50% of the prize, based on your other income In

The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes

how to make a poker table This planning option will not work for lump-sum recipients For example, winners in a high-tax state such as New Jersey would have to pay a

how to claim losing lottery tickets on your taxes Section 194B of the Income Tax Act requires 30% TDS on lottery & game show winnings over Rs 10000, with an effective tax rate of %,