Smart tax strategies for lottery winners - Tax Insider

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If not, it will invite a fine of one percent for every month of delay Most of the lottery winners are unaware about this and it will lead to

Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by the IRS and most state governments The Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

lottery sambad 20 6 23 The tax shall be withheld on the entire amount of the prize, not merely the amount in excess of $5,000 The tax must be withheld by the Lottery Department on On winnings above this amount, a TDS of 30% is now applicable After surcharge and cess are taken into account, the total income tax charged is