All About Lottery Taxes
All About Lottery Taxes
Q: What taxes are withheld if I win a lottery prize? A: For residents and resident aliens, percent in federal and state withholding taxes is deducted
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 Example: If you won $10,000 but lost $15,000 You may deduct $10,000 California lottery We do not tax California Lottery or Mega millions
washington dc lottery winning numbers As per the Income Tax rules, money won in a lottery or any competition is taxable You will have to pay a flat 30 per cent of the winning amount Although the winnings itself is tax-free There are some taxes to pay after you get the winnings The tax people always get their cut, doh!
