Income Tax on Winning Lottery, Game Shows, Awards, and Prizes

Lottery wins are subject to a 30% TDS rate However, the TDS rate increases to % (including surcharge and

First, any prizes above $5,000 will be hit at least with a 24% federal tax, regardless of which state you are in The winner may owe additional

federal income tax on lottery winnings That's because lottery winnings are treated as income by the federal government and most states, so the jackpots are subject to state and

federal tax rate for lottery winnings Whatever option the winner chooses, the federal tax rate of 24% is automatically withheld from the payments, according to Frizzi-Babb For the