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

website lottery take home after taxes If you have an annuity from the lottery of a state with an income tax, that cash payment, each year, is unearned income sourced from that state lottery sambad 6_8_23 When you claim a prize of over $5,000, we automatically take out the minimum state and federal taxes before we give you your check

lottery take home after taxes Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home  Taxes are deferred until payouts are received Winners choosing annuity payments often hedge their bets that tax rates will be lower in the future Investment  Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or

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