How much tax do you pay on lottery winnings in Massachusetts?
Herein, how much tax do you pay on a $10000 lottery ticket?
Under Section 194B of the Income Tax Act, 30 per cent tax is deducted on any prize money in excess of Rs 10,000 and other winnings from games, lotteries etc. This is deducted at source (TDS). A Three per cent education cess is payable on the tax amount.
Hereof, what percentage of taxes are taken out of lottery winnings?
Massachusetts does not allow lottery winners to remain anonymous, but the winnings can be put in a trust and a representative of that trust is allowed to collect the money, a lottery spokesperson said. Both winners have one year to claim their prize. A player in Indiana also won the $435.3 million jackpot Wednesday.