Smart tax strategies for lottery winners - Tax Insider

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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%

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 Prize money = taxable income: Lottery winnings are taxed like income, and the IRS taxes the top income bracket % The government will

how does the slot machine work tax rate is also applied, according to the lottery tax calculator on Then there is the Massachusetts 5% state tax Another To claim a winning ticket with a value larger than $600, you must present proof of your Social Security number or Federal Tax ID number and a photo ID to prove