Income Tax on winnings from Lottery, Game Shows, Puzzle

taxes from lottery winnings   Dan taxes on $2 million dollars lottery winnings

winnings If you sell or otherwise dispose of an asset that was a prize from a lottery, you must declare any capital gains you make in your tax return You

You'll need to pay taxes on lottery winnings whether you hit the jackpot or won a few hundred dollars Here's how it works and how to lower Is lottery & gambling income taxable? Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by

how to win lottery scratch offs US lottery taxes differ from other countries because winnings are considered taxable income for both federal and possibly state taxes The federal government The current TDS rate on such winnings is 30%, with the total tax liability, including surcharge and cess, amounting to % Winning award