What Is the Tax Rate for Lottery Winnings? - Money

federal tax on lottery winnings
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As per Section 194B of the Income Tax Act, the rate of TDS for lottery winnings is 30%, and health and education cess is charged on the

Lottery winnings are taxed at a marginal rate of 35% to the winner or winners There can also be gift taxes associated with sharing the winnings

federal tax on lottery Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,

federal tax on lottery winnings One way to avoid taxes on lottery winnings is to donate the money to charity Charitable donations are tax-deductible, which means that you can