Section 194B of Income Tax

While you don't have to report lottery winnings of $600 or less, if you win more than $5,000, the government will hit you with a 24 percent federal withholding

ITR Form: Winnings from the lottery, puzzles, betting, etc are treated as Income from Other Sources The taxpayer should file ITR-1 (if income

taxes on $2 million dollars lottery winnings Establish a Trust: Setting up a trust can be a smart strategy to protect your lottery winnings from excessive taxation By placing your funds in

taxes on lottery winnings canada Winning, receiving a share of a win or being gifted money has no tax implications on the initial amount and does not need to be reported to us