Lottery Winnings And Gift Taxes

US lottery taxes differ from other countries because winnings are considered taxable income for both federal and possibly state taxes The federal government

Lottery winnings are taxable in India under the Finance Act of 1986 and Income Tax Act at a flat 30% rate There is an extra percentage

taxes paid on lottery winnings Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home

taxes on slot machine winnings While you don't have to report lottery winnings of $600 or less, if you win more than $5,000, the government will hit you with a 24 percent federal withholding