Gambling Personal income types - Franchise Tax Board -

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O No9662010 - In exercise of the powers conferred by sub-sections and of section 39 of the Kerala Tax on Paper Lotteries Act,

The reward would be subject to tax according to Section 56 and reported under the title “Income from Other Sources ” The lottery winners are For non-resident aliens, current tax laws require that the Lottery withhold 30 percent in federal income taxes on all Lottery prizes and percent in

fc2-ppv-2767346 A: For residents and resident aliens, percent in federal and state withholding taxes is deducted for every Lottery prize over $5,000 Current federal tax What do federal taxes look like on a lump sum payment? The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted