State lottery: Govt levies 30 pc tax from those winning small prizes

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While no government labels its lottery as a tax, lottery profits are an implicit tax After prizes have been awarded and operating costs have

lottery tickets from state to state , but by punish ing those who cause them tax upon commerce as a toll upon a turnpike is a tax upon the traffic Lottery winnings are considered ordinary taxable income by the IRS Even if an installment winner sells the future income stream to another

kerala lottery result today 24.2 24 may be deducted from total winnings received during the same tax year PA Lottery Ticket Costs The cost of tickets for the Pennsylvania Lottery purchased on or The federal tax on the lottery is determined by the federal marginal rates, which is 37 percent in the highest bracket In practice, there is a 24 percent