Winner Of $ Billion Lottery Gets $ Million After Tax

Lottery winnings are not taxed twice Under both the federal and state tax system, they are considered ordinary taxable income You pay tax on your winnings

Is lottery & gambling income taxable? Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by

how to cash lottery ticket If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% Income tax is withheld at a flat 24% rate from

how to claim a winning lottery ticket Income from lottery winnings and online games are included under the head 'Other source of Income' and is taxable at the special rate of 30%