Tax Tips for Lottery Winners

The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes

While filing your income tax return you must include prize money under 'income from other sources' and, you must submit the TDS certificate as

double slot shelving 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

do you have to pay taxes on lottery winnings The prize is taxed if a person takes the annuity option − which is what the advertised jackpot figure represents − or the lump sum A 2018 USA