TIR 79-6: Income Taxation Of Gambling Winnings -

TIR 79-6: Income Taxation Of Gambling Winnings - how much of lottery winnings are taxed For both federal and state tax purposes, lottery winnings are treated as ordinary taxable income Therefore, your winnings are taxed the same as how to win the lottery in california 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

how to win the lottery in california Reportable state lottery winnings means state lottery winnings the state agency conducting the lottery is required under the Internal Revenue Code or

how to sell lottery tickets The TDS of % is a flat tax on the winning amount; it will not be added to your income and you will not be able to benefit from your income tax rate slab  According to Section 194B of the IT Act, 1961, a tax rate of 30% is applicable on lottery winnings exceeding Rs 10,000 This is treated