Win big? Not so fast, says the taxman

Win big? Not so fast, says the taxman do you pay tax on the lottery
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do most lottery winners go broke Further, the provisions of the Income Tax Act, 1961 do not permit set off and carry forward of losses against gains from winning from lotteries,

does alabama have lottery If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% Income tax is withheld at a flat 24% rate from We do not tax California Lottery or Mega millions Visit Schedule CA This income will be included in your federal adjusted gross income, which