How Taxes on Lottery Winnings Work

Here's what the $1 billion Powerball winner could owe in taxes how to avoid taxes on lottery winnings Reason for Tax-Free Status: The reasoning is that these winnings are typically considered a windfall gain and are not earned from an income- how does people''s postcode lottery work How to Deal With Winning the Lottery · 1 Stay quiet about winning the lotto · 2 Read the instructions on the lottery ticket · 3 Get a lawyer · 4 Claim your prize

how to win a lottery ticket Income from lottery winnings and online games are included under the head 'Other source of Income' and is taxable at the special rate of 30%