How much money will you get after taxes if you win the Mega

how are lottery winnings taxed
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Since the tax withholding rate on lottery winnings is only 24%, some lottery winners do not plan ahead, and can have trouble paying their

While you don't have to report lottery winnings of $600 or less, if you win more than $5,000, the government will hit you with a 24 percent federal withholding Even if an installment winner sells the future income stream to another party, the sales proceeds are considered ordinary income — not capital

online lottery legal Section 194B of the Income Tax Act requires 30% TDS on lottery & game show winnings over Rs 10000, with an effective tax rate of %, Tax treatment of winnings Winnings received are not taxable as they are windfalls and not considered as an income You do not need to declare