What is Tax on Kerala Lottery Prize Money?

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US lottery taxes differ from other countries because winnings are considered taxable income for both federal and possibly state taxes The federal government

Most states charge taxes on winnings, too, which range from % to % Eight states don't charge any income tax on lottery winnings 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

adn425 You have to pay the taxes for those winnings in full The point is valid for all winnings, regardless of how you might have acquired those funds Hit the jackpot? Learn how your lottery winnings are taxed Discover key strategies to manage your windfall and financial obligations