How much money will you get after taxes if you win the Mega

taxes on $1 million dollars lottery winnings
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Amounts won from a game show or lottery are taxable under Section 56 of the Income Tax Act, 1961 According to Section 194B winnings from lotteries,

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 All winnings over $5,000 are subject to tax withholding by lottery agencies at the rate of 24% This potentially leaves a gap between the

agen poker terbaru Someone just won the Powerball Jackpot Ticket worth $ million dollars!! And it's the 7th Income from lottery winnings and online games are included under the head 'Other source of Income' and is taxable at the special rate of 30%