30% tax on lottery wins of over Rs 10K a year

taxes on lottery
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taxes on lottery The reward would be subject to tax according to Section 56 and reported under the title “Income from Other Sources ” The lottery winners are  How Taxes on Lottery Winnings Work Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be  For prizes over $5,000, the Lottery is required to withhold 25% for federal taxes, and 8% for state income taxes For Video Lottery℠ Platinum Series

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