Tax Planning for Lottery Winners
Tax Planning for Lottery Winners
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Lottery winnings are subject to federal and sometimes state taxes If you win big, plan for the taxes ahead of time Updated May 24, 2024
Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no Connecticut imposes a tax rate of % on lottery winnings Whether it's a multimillion-dollar jackpot or a smaller prize, individuals who win the lottery in
2019 kerala lottery result Do you need to pay tax on lottery winnings? Good question If you're wondering if you have to pay tax on lottery winnings then guess what, you Income from lottery winnings and online games are included under the head 'Other source of Income' and is taxable at the special rate of 30%