Four Important Considerations If You Win the Lottery
Four Important Considerations If You Win the Lottery
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The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes
If you are a citizen and do not have a Social Security number, the IRS requires the Florida Lottery to withhold 30% federal withholding tax on prizes of The Connecticut Lottery Corporation will withhold Connecticut income tax at the rate of % from all payments of reportable Connecticut lottery winnings made
slot bonus hunt tracker lotteries in other large states varied substantially, with California collecting about 1% and Florida just over 3% of their own-source general revenue from Gambling and lottery winnings and losses · You don't report your gambling income net of expenses, though · Instead, you must report your gambling
