The IT department loves it when you win a lottery or when

The IT department loves it when you win a lottery or when winning from lottery income tax section SUBJECT: WITHHOLDING OF INCOME TAX UNDER SECTION 50 ON PRIZE ON PRIZE BOND AND WINNINGS FROM RAFFLE, LOTTERY OR CROSSWORD PUZZLE Under sub-section of winning pick 3 & pick 4 lottery numbers Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,

winning pick 3 & pick 4 lottery numbers You do not have to report certain non-taxable amounts as income, including the following: lottery winnings of any amount, unless the prize

winning poker cards Special rate of Income-tax in case of winnings from lotteries, crossword puzzles, races, etc : 30% + education cess @ 2% + SHEC @ 1%  Lottery winnings are considered taxable income for both federal and state taxes · Federal tax rates vary based on your tax bracket, with rates up to 37%