Powerball Jackpot soars to $925 Million: The after-tax reality for the

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You'll need to pay taxes on lottery winnings whether you hit the jackpot or won a few hundred dollars Here's how it works and how to lower

As per the Income Tax rules, money won in a lottery or any competition is taxable You will have to pay a flat 30 per cent of the winning amount Yes, lottery winnings can be legally shared with family or friends However, the full amount is initially taxed at 30% before distribution If

dr lottery result Calculate how much tax you need to pay, what income is taxable, and where to lottery winnings and other prizes; some government grants and payments Gambling and lottery winnings and losses · You don't report your gambling income net of expenses, though · Instead, you must report your gambling