What You Need To Know About Lottery Taxes

What You Need To Know About Lottery Taxes if u win the lottery how much is taxed Nope! There's no tax to pay when you win the lottery! Result! However, you might have to start paying tax when your winnings start making you money (such as if you win the lottery The entire amount will be taxable at a flat rate of % For example, if you were to win a prize of ₹4 lakh at a contest and your annual

if you win the lottery Congratulations! You're a lottery winner Now you're probably wondering, is my prize taxable? In Australia, lottery winnings are What happens if I win a

if i win a lottery paragraph 10 lakh However, winning the prize requires you to pay taxes on your winnings If you win Rs 10 lakh, you will have to pay a 30 As previously mentioned, you have to pay federal income tax on lottery winnings Right off the bat, lottery winnings over $5,000 are subject to