Won a lottery or prize money in India? Here's what you need to know

The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes

Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,

how much is it to play postcode lottery The 2024 federal tax brackets place the Mega Millions jackpot winnings at a 37% tax rate, whether the winner opts for the lump sum or not That's because the 37

how do poker hands work 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