Details on Taxes For Lottery Winnings In India

when you win the lottery how much goes to taxes
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Before the state of California gives him any of his winnings, 24 percent—$ million—will be withheld and sent directly to the Internal Revenue Service

And for a large prize like the Mega Millions, that lump sum will also catapult you into the highest income tax bracket, so you'll pay the top The prize money will be considered as separate from your income, and your regular income will be taxable as per your income tax rate slab You do not get any

reel rich devil slot game The Internal Revenue Service imposes a federal tax rate of 24%, and California's state income tax, with rates ranging from 1% to %, As previously mentioned, you have to pay federal income tax on lottery winnings Right off the bat, lottery winnings over $5,000 are subject to