How are Lottery Winnings Taxed?

Any income received as prize money from a lottery is taxed under the head 'Income from Other Sources' winner's total annual income falls

It's also important to note that just like income tax, prize money must be claimed on your tax return, and winnings must be noted on IRS Form 1099-MISC the year

winning the lottery movie In the case of winnings from horse races, income is taxable at % without any exemption limit · There would be no deduction of any

winning hoosier lottery numbers One such provision is Section 115BB of the Income Tax Act, which deals with the taxability of winnings from lotteries, crossword puzzles, card