What are the tax implications of winning money or valuable prizes?

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Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or

Anyone who receives winnings from lottery games, racetrack betting or gambling must pay income tax on the prize money Both residents and nonresidents of In contrast, taxes on lottery winnings vary widely between states They typically range from 3% to 6%, but go up to % in New York — the

lottery login online Experts Tell How To Stay Rich After Winning The Lottery , t I I the week's best , , photos MM>>ni  However, winning the prize requires you to pay taxes on your winnings If you win Rs 10 lakh, you will have to pay a 30% tax on lottery