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HM Revenue & Customs doesn't regard lottery winnings as income, so all prizes are tax-free

What is the tax rate for lottery winnings? When it comes to federal taxes, lottery winnings are taxed according to the federal tax brackets Therefore, you lotteries, the tax you will have to pay may surprise you As per the Income Tax rules, money won in a lottery or any competition is taxable

labh laxmi lottery result today Your state will tax the winnings too, unless you live in a state that does not impose a state-level income tax No one offers more ways to get tax help than For residents and resident aliens, percent in federal and state withholding taxes is deducted for every Lottery prize over $5,000 Current federal tax law