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

website how much are you taxed on lottery winnings 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 how to get lottery tickets online Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home

how much are you taxed on lottery winnings Lottery winnings are considered ordinary taxable income by the IRS Even if an installment winner sells the future income stream to another  So in total, the winner will pay 37% in federal taxes, said Missouri Lottery Lawyer Kurt Panouses, who specializes in helping lottery winners  Although you don't have to pay taxes on your lottery winnings, there are a number of things to keep in mind once the money has been sent to you

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