What is Tax on Kerala Lottery Prize Money?

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

If the prize should be shared, the taxable base will be distributed between the co-owners according to their respective shares Accrual The tax

how old do you have to buy a lottery ticket 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 is the powerball lottery However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the