Betting, Gaming and Lottery Tax

taxes lottery
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The Internal Revenue Service requires you to pay taxes on any lottery winnings that exceed $5,000 You may also be subject to state taxes,

Do you need to pay tax on lottery winnings? Good question If you're wondering if you have to pay tax on lottery winnings then guess what, you

taxes on $5 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

taxes on 2 million dollars lottery winnings No Social Security and Medicare taxes are only assessed on earned income Lottery and gambling winnings are not considered earned income The