What is Tax on Kerala Lottery Prize Money?

lottery winning after taxes
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Key Takeaways · You are taxed on anything you win, whether it's cash, an item, a trip, or a service · Winnings are subject to federal and state income taxes

The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn  How much are lottery winnings taxed ? Lottery winnings are subject to federal income tax at a rate of 24%, and some states may also impose their own tax on

national lottery jackpot saturday Winner of Mega Millions $ billion jackpot claims prize in Florida—a state that does not tax lottery winnings Florida is a good place to hit If the cash reward is chosen, the prize amount will drop to $ million after a mandatory federal tax withholding of 24% is applied