What Percentage of Lottery Winnings Would be Withheld in Your

How much money will you get after taxes if you win the Mega taxes for lottery winnings Winnings are taxed the same as wages or salaries are, and the total amount the winner receives must be reported on their tax return each year Before the winner taxes on $5 US lottery taxes differ from other countries because winnings are considered taxable income for both federal and possibly state taxes The federal government

taxes on 1 million dollars lottery winnings IT Act, 1961 governs taxation in India As per Sections 194B and Section 115BB of the IT Act, a tax rate of 30% is charged on lottery winnings