Taxation: The Taxman Cometh: How Lottery Winnings are Taxed

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

winnings as income on their tax return Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos

how many cards in a hand of poker Most states tax all income earned in their state, regardless of your residency Your resident state will also require you to report the winnings but will offer

how to do lottery online For prizes over $5,000, the Lottery is required to withhold 25% for federal taxes, and 8% for state income taxes For Video Lottery℠ Platinum Series