How much tax has to be paid on lottery or game show prize money?

How much tax has to be paid on lottery or game show prize money? how much tax is taken from lottery winnings If the total $ billion payout is chosen: Federal taxes: $324 million; Take-home: $ billion If the cash option how to play poker with chips However, once your prize is in a bank account, any interest earned on your prize is subject to income tax for both you and any gift recipients If you currently

how to play poker with chips Tax Rate: Winning from lottery is taxable at a special rate of 30% No deduction is allowed Also no benefit of slab rate can be taken

how much is a blue chip in poker The CT Lottery is required by law to report and withhold federal income tax on all gambling winnings valued at more than $5,000 (Under certain Unlike salary or professional income where people are allowed to take deductions or allowance, winnings from contests are fully taxable This is