I Won the Lottery! How Bad Are Taxes Going to Be?

do you pay tax on the lottery
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Such gains are subject to taxation under the Income from Other Sources heading Taxes that are due must be paid, or else fines and legal

The withholding of federal or state income taxes, when required, does not affect the calculation of the proceeds from a wager Also, if a person makes multiple

download game slot Not only do you have to pay taxes to the federal government on your lottery winnings, you may also need to pay state income taxes as well

do lottery numbers have to be in the same line For prizes over $5,000, the Lottery is required to withhold 25% for federal taxes, and 8% for state income taxes For Video Lottery℠ Platinum Series