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

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The chances of winning Powerball's Some states have no income tax or don't tax lottery winnings, but others have top-income state tax brackets

While lottery winnings of $600 or less are not reported to the IRS, winnings in excess of $5,000 are subject to a 25 percent federal withholding Yes Gamblinglottery winnings are subject to Michigan individual income tax to the extent that they are included in your adjusted gross income The Michigan

jufe-377 This reclassification would place earnings from these derivatives in the same tax category as lottery winnings or cryptocurrency investments, As per section 115BB of the Income-tax Act,1961, the entire income from winning lotteries, games show, etc will attract tax at the rate of