5 Tips for Avoiding Taxes on Lottery Winnings
5 Tips for Avoiding Taxes on Lottery Winnings
The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes
lottery is a tax on people who are bad at math A recent study by the Texas Lottery Commission found that while those with higher incomes and more education The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes
kerala lottery result 6.4.2024 Aside from federal taxes, the winner may face additional levies from their state of residence, as some states like New York tax lottery winnings The winner's state of residence will also impact their take-home amount as some states like Texas and California don't tax lottery winnings,
