What is the Tax for Lottery Winnings Prize in Kerala? TDS

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With a federal tax rate of 37%, a Mega Millions winner would pay a total of $ million in federal taxes and pocket $ million by 2051 if

The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn  How much of a prize is taken out for taxes? The winnings are subject to federal income tax withholding The tax withholding

lottery tennessee winning numbers Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket, After the 24% withholding, the winner could still owe another 13% in federal taxes, or about $70 million Marginal tax brackets for tax year