Section 194B of Income Tax Act

The prize is taxed if a person takes the annuity option − which is what the advertised jackpot figure represents − or the lump sum A 2018 USA

Answer: Lottery payments are subject to tax as ordinary income While there is little you can do to avoid this income tax, there are steps you can take to

does it matter which gpu slot i use For prizes over $5,000, the Lottery is required to withhold 25% for federal taxes, and 8% for state income taxes For Video Lottery℠ Platinum Series

doremi slot That is unless your regular household income already places you in the top tax bracket prior to winning In that case, all of it is taxed at 37% This can be