Do you need to pay tax on lottery winnings?
Do you need to pay tax on lottery winnings?
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Any money or prize you win from a game show, reality show or lottery, is subject to tax deduction at source The Income Tax Act, 1961 specifies in Section
All gambling winnings are taxable including, but not limited to, winnings from: Lotteries; Raffles; Horse races; Casinos According to CNBC, these jackpot winners would then have to pay another 13% in federal taxes to satisfy the income tax requirement The Oregon
lottery for tonight When making any payment of winnings that are subject to withholding, the state lottery and sports wagering commission, created under Title 23, chapter 7, INCOME TAXES PAID ON VIRGIN ISLANDS LOTTERY WINNINGS INCLUDED IN GROSS All prize winnings in the Virgin Islands Lottery for the taxable year must be included
