All About Lottery Taxes

how much does the lottery tax
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lottery , if the proceeds are more than $ 5,000 • A wagering pool how much you were paid during the year It also includes your name and

Depending on how much you win and on your income, you'll then have to pay a further % to make up the total % that's the top income tax With an additional charge of cess and surcharge, the total tax rate stands at % It does not matter what the annual income of a taxpayer is:

buffalo gold collection slot machine Let's say that you won Rs 20 crore in a lottery event You would first have to pay a 30 percent tax on that total The tax would be Rs 6 Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home