Lottery And Taxes

Income Tax Folio S3-F9-C1, Lottery Winnings, Miscellaneous federal tax on lottery The tax rate for winning from lotteries and game shows is %, including cess Out of this, a 30% tax is applied on winning the lottery and federal tax lottery winnings Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

federal income tax on lottery winnings Federal income tax As previously mentioned, you have to pay federal income tax on lottery winnings Right off the bat, lottery winnings over