Lottery tax -

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In addition, the Lottery is required to report to the IRS gambling winnings that are $600 or more, and

Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax How much of a prize Is taken out for taxes? The lottery is required by the The state of South Dakota does not tax lottery winnings How can I hear

monopoly bring the house down slot If I won today's $550 million jackpot, I'd pay 24% in federal taxes, plus 4% in state taxes What they're saying: It's difficult 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%