Income Tax On Lottery Winnings And Game Show Winnings In India

Before the winner receives any of the money, however, the IRS automatically takes 24% of the winnings The rest of the winnings are expected to be paid by the

So when the winner next files their taxes, they'll likely have to give the IRS another 13% of that prize RELATED: How one lottery-winning

irs lottery tax Key Takeaways · The payer will deduct 24% from your winnings on the spot if you win above a certain amount · You'll report your winnings and your tax payments

irsh lottery Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,