Lottery Winnings FAQs

taxes paid on lottery winnings
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Like all other taxable income, the IRS requires you to report prizes and winnings on your tax return, too That means you might have to pay

It will go directly to the IRS instead Your tax obligation is not yet fulfilled, however Lottery prizes get taxed under the same rules as

taxes for lottery winnings The TDS of % is a flat tax on the winning amount; it will not be added to your income and you will not be able to benefit from your income tax rate slab

taxes taken out of lottery winnings Have you ever wondered about people who win money on game shows like Kaun Banega Crorepati, Bigg Boss, Indian Idol, etc , paying tax or not? Do