Smart tax strategies for lottery winners - Tax Insider

taxes on lottery winnings
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Meanwhile, other states have tax rates for lottery winnings that generally range from about 3% to almost 11% But in any case, once applicable taxes are taken

No, winnings are taxed at a flat rate of % They are not taxed at the tax slab rate of the individual Q- When will awards be tax-free? Besides the time-value-of-money discount rate, a lump-sum payout also results in federal tax of 37% on every dollar over $539,900

football glory slot As per Section 194B of The Income-tax Act, 1961, if the prize money exceeds ₹10,000, then the winner will get the prize money after the Income from lottery winnings and online games are included under the head 'Other source of Income' and is taxable at the special rate of 30%