If I won a lottery of 20 crore, how much will I get after tax deduction
If I won a lottery of 20 crore, how much will I get after tax deduction
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You'll include the amount of your winnings when you file your tax return for the year rather than at the casino when you claim them Make sure to keep good
For example, if you win a jackpot with a lump sum payout of $1 million, you'll be in the top marginal tax rate of 37% for that tax year and pay 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
lottery result sweater The Minister further stated that vide Finance Act 2023, the rate in force is 30% This also includes winnings in kind or partly in cash and Gambling and lottery winnings and losses · You don't report your gambling income net of expenses, though · Instead, you must report your gambling
