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

What is the Tax for Lottery Winnings Prize in Kerala? TDS taxes on million dollar lottery The IRS charges a flat rate of 24% on all lottery winnings over $5,000 For example, if you won $1 million, you would pay around $240,000 in taxes on lottery winnings florida Lottery sales are already taxed yet they tax your winnings Same way some states make you pay annual property tax for property you were already

taxes on lottery winnings florida California does not tax lottery winnings If individuals win the lottery in California, they are not required to pay state taxes on their winnings However,

taxes on lottery winnings canada Taxes are deferred until payouts are received Winners choosing annuity payments often hedge their bets that tax rates will be lower in the future Investment The lottery automatically withholds 24% on all prizes over $5,000 for federal taxes For a $1 billion lump sum, that would be $240 million Note