Directive 86-24: Lottery Winnings; Lottery Tickets -

how much tax do you pay for lottery winnings
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Have you ever wondered… how does India tax lottery winnings? You will be surprised to know that there is a 3% tax paid to improve education The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes

poker face sunglasses However, once your prize is in a bank account, any interest earned on your prize is subject to income tax for both you and any gift recipients If you currently Although the winnings itself is tax-free There are some taxes to pay after you get the winnings The tax people always get their cut, doh!