Income Tax on Awards & Prizes

what are the taxes on lottery winnings
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Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

Gambling winnings are fully taxable and you must report the income on your tax return Gambling income includes but isn't limited to winnings from lotteries, It's very important to pay the necessary taxes on lottery or prize money winnings in order to prevent fines and other legal repercussions Such

lottery sambad 22.12_23 How Taxes on Lottery Winnings Work · 10% on the first $9,700 you earn · 12% on the next $29,775 · 22% on the next $44,725 · 24% on the next Tax Band 2: Any portion of the prize exceeding Cop70,000 is subject to a tax rate of 20% Italy - There are seven tax bands Tax Band 1: Tax-free up to €100