Tax Planning for Lottery Winners

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With a large jackpot, if the winner opted for the lump sum cash value, they would be subject to federal income tax at the top tax rate, which is 37% (So after

The reward would be subject to tax according to Section 56 and reported under the title “Income from Other Sources ” The lottery winners are No, winnings are taxed at a flat rate of % They are not taxed at the tax slab rate of the individual

calculate poker odds Such gains are subject to taxation under the Income from Other Sources heading Taxes that are due must be paid, or else fines and legal Unlike salary or professional income where people are allowed to take deductions or allowance, winnings from contests are fully taxable This is