Taxes on Lottery Winnings by State 2024

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Winning millions will also send you into the highest federal income tax bracket In 2023, that means single filers will pay $174,238 plus 37% of

Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments Most states charge a tax on lottery winnings The amount initially withheld and how the winnings get taxed depends on your state's tax rate

can you play poker without chips Lottery wins are subject to a 30% TDS rate However, the TDS rate increases to % (including surcharge and The basic tax rate throughout India for lottery winnings is 30 percent The rate is specific for the taxation of lottery winnings The tax rate