Gambling Personal income types - Franchise Tax Board -

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As per the Income Tax rules, money won in a lottery or any competition is taxable You will have to pay a flat 30 per cent of the winning amount

Depending on the state you're in, you may get more taxes on top of that Luckily in California, there is no state tax on lottery prizes  This section levies a flat tax rate of 30% in addition to 4% Cess, which comes to % Lets have a look at Income Tax on winnings from

slot deposit voucher88 For federal purposes, report your total winnings on your Form 1040 Schedule 1 and report all your losses (cost of buying all your tickets for the taxable Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments