State of NJ - Division of Taxation

State of NJ - Division of Taxation income tax on lottery winnings The taxation of winnings is covered under Section 115BB of the Income Tax Act Who is responsible to deduct TDS under section 194B and When income tax slot 24 provides the authority to tax all proceeds of any lottery prize regardless of the amount Lottery Prize Proceeds Subject to Income Tax Withholding

income tax slot Winnings are taxed the same as wages or salaries are, and the total amount the winner receives must be reported on their tax return each year Before the winner

income from lottery Section 115BB imposes a flat income tax rate of 30% plus cess and surcharge on winnings from offline gambling or betting games  Personal Income Tax Prizes received by Massachusetts residents from the Massachusetts lottery or from lotteries, raffles, races, beano or other events of