Is it true that you pay tax on lottery wins
Is it true that you pay tax on lottery wins
US lottery taxes differ from other countries because winnings are considered taxable income for both federal and possibly state taxes The federal government
The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in that And there we have it, great news for you, no tax on your winnings! If you won big you can stay super rich for life providing you don't spend it all on fancy
wa. lottery If an individual receives a lottery win in Australia it is generally deemed a one off prize and not taxable The website advises That means your winnings are taxed the same as your wages or salary And you must report the entire amount you receive each year on your tax return For example
