Gambling and Lottery Winnings
Gambling and Lottery Winnings
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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,
Most states charge a tax on lottery winnings The amount initially withheld and how the winnings get taxed depends on your state's tax rate Prize winners pay betting and lottery tax on prizes If you organise a national game of chance and reside or are based in the Netherlands, you can deduct
minnesota second chance lottery He reported this payment on his tax return as ordinary income, but he changed his mind several years later and sought a refund of some $305,000, claiming that Winnings • If any amount of Wisconsin income tax is voluntarily withheld from gambling winnings, then the payer is required to file an
