Details on Taxes For Lottery Winnings In India

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That's because lottery winnings are generally taxed as ordinary income at the federal and state levels In

If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% Income tax is withheld at a flat 24% rate from

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