If I won a lottery of 20 crore, how much will I get after tax deduction

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If the lump sum payout is chosen, the prize will drop to $ million after a mandatory federal tax withholding of 24% is applied Depending

Some states have no income tax or don't tax lottery winnings, but others have top-income state tax brackets exceeding 10% Powerball isn't However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the

ky lottery pick 4 midday Learn about tax obligations when winning a lottery or prize money in India lottery winner how much after taxes · lottery winner after taxes 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