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You may also be subject to a surcharge if you have a payout of more than Rs 1 crore The surcharge is 15 percent of the tax amount that you

Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by the IRS and most state governments The Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home

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