I Won the Lottery! How Bad Are Taxes Going to Be?

After adding the health and education cess of 4%, the effective tax rate becomes % The income is subject to a flat 30% tax rate,

income tax if the prize payment is includable in your federal adjusted gross income for the tax year If you are a resident of New York City or Yonkers, the

income tax on lottery Personal Income Tax Prizes received by Massachusetts residents from the Massachusetts lottery or from lotteries, raffles, races, beano or other events of

income tax slot Income from SalaryPension, one House Property, Agricultural Other Sources which include :