Do I need to pay tax on my winnings?

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of prize Proceeds of lottery prizes shall be subject to Kentucky state income tax Any attachments, garnishments, or executions authorized and issued

Tax Rate: Winning from lottery is taxable at a special rate of 30% No deduction is allowed Also no benefit of slab rate can be taken  Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments

kerala lottery result 4.6.23 The winnings are subject to a flat tax rate of 30% without any deductions The tax is usually deducted at Still, you'll probably owe more when taxes are due since the top federal tax rate is 37% So a good first step a lottery winner could take is to