How Much Tax Is If You Win The Lottery

how much is the lottery taxed
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All winnings from an out-of-state lottery are taxable for New Jersey gross income tax purposes, regardless of the amount Page 2 7 ) Q Will the New

The current TDS rate on such winnings is 30%, with the total tax liability, including surcharge and cess, amounting to % Winning award The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn

eyes of horus slot The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in that Before getting your winnings, you'd have to pay a 24% federal tax withholding, which the IRS requires for winnings over $5,000, CNBC explains