Gambling Winnings Are Taxable Income On Your Tax Return

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After all we're dealing with huge jackpot numbers that add up to millions of pounds IHT could very well bite into a sizable chunk of your

jackpot If you choose the lump sum payout, you'll be paid $ million up front However, because your winnings are also subject to a 24% tax The Powerball jackpot has grown to an estimated $1 billion Here's what the winner can expect to pay in taxes

sports.bet9ja shop Gambling Tax Calculator Winnings $ 0 Calculate Total After Taxes You Keep From Your Gambling Winnings $ 0  Any money or prize you win from a game show, reality show or lottery, is subject to tax deduction at source The Income Tax Act, 1961 specifies in Section