Section 194B of Income Tax Act

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The California Lottery is required by the Internal Revenue Service to withhold federal taxes on many prizes There is no California state or

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 of If not, it will invite a fine of one percent for every month of delay Most of the lottery winners are unaware about this and it will lead to

deepeggs You do not have to report certain non-taxable amounts as income, including the following: lottery winnings of any amount, unless the prize If the winner takes the payout, as many do, the federal tax would cut the prize by around $149 million In an estimate from USA Mega, an