What is the Tax for Lottery Winnings Prize in Kerala? TDS

Before getting your winnings, you'd have to pay a 24% federal tax withholding, which the IRS requires for winnings over $5,000, CNBC explains

In most states, the tax is taken from the prize money before it's ever given to the winner Details on when and how much the winner pays differ

how to play slot games online While filing the income tax return, the prize money won must be disclosed under 'income from other sources ' the winner of the lottery must also

how to buy lottery ticket sims 4 Besides the time-value-of-money discount rate, a lump-sum payout also results in federal tax of 37% on every dollar over $539,900