Did you win the Mega Millions lottery? Time to think about taxes

lottery win tax
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As per the Income Tax rules, money won in a lottery or any competition is taxable You will have to pay a flat 30 per cent of the winning amount

The CT Lottery is required by law to report and withhold federal income tax on all gambling winnings valued at more than $5,000 (Under certain To put the tax difference between installment payments and a lump sum in real numbers, any winner taking installments and receiving $539,900 or

great rhino slot png In India, lottery winnings are subject to a tax deduction at source of 30% if the amount of the winning exceeds Rs 10,000 Therefore, if Lottery winnings are subject to federal and sometimes state taxes If you win big, plan for the taxes ahead of time Updated May 24, 2024