Tax Tips for Lottery Winners
Tax Tips for Lottery Winners
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How much tax do you pay on lottery winnings? In the , if you win a lottery of $600 or less, you don't have to report it If you win more than $5,000, you
Lottery Winnings: Any payment of winnings greater than $600 is subject to withholding · Prizes (Games of skill, games of chance, bingo, or Do I have to pay taxes on my winnings? Yes All prize winnings are subject to federal and state income tax withholding State tax of % is automatically
quickdraw lottery Proceeds of lottery prizes shall be subject to Kentucky state income tax , but this section does not prohibit the purchase of a ticket by a person Lottery sales are already taxed yet they tax your winnings Same way some states make you pay annual property tax for property you were already
