TIR 79-6: Income Taxation Of Gambling Winnings -

what is the tax rate for lottery winnings
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Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by the IRS and most state governments The

However, winning the prize requires you to pay taxes on your winnings If you win Rs 10 lakh, you will have to pay a 30% tax on lottery Lottery winnings are subject to federal income tax at a rate of 24%, and some states may also impose their own tax on lottery winnings, ranging from 0% to %

kino lottery Where you purchase your winning ticket matters due to state income and withholding taxes While lottery winnings are subject to state income tax According to federal and state laws, if you provide a social security number the Lottery withholds 28 percent from your prize winnings (24 percent federal; 4