Ask Money Today: How is lottery prize taxed?

income tax on lottery
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You do not have to report certain non-taxable amounts as income, including the following: lottery winnings of any amount, unless the prize

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%

income from winning of lottery is taxable under The first winnings up to $ are tax-free, with winnings above that amount required to be reported on your upcoming tax return At the

income tax slot The taxability of any income in India depends on the residential status of the person If a person is a resident of India, his entire income