Lottery Winnings

Winnings from lottery are flat taxable at the rate of 30% under income tax act, 1961 The basic exemption limit is not available in case of

Your lottery winnings are classified as ordinary income, and will be taxed by both the federal and state agencies at the appropriate rate They

how to hit slot machine jackpot Before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000, CNBC explains Out

how much lottery money goes to schools When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal