| QUESTIONS | CATEGORIES | BLOG | PROFILE | Login | Register |
ASK QUESTION
Finance → Taxes
ANSWERS: 1
  • SarahK
    I'm assuming you're in the United States... If you win the lottery, you are subject to the tax rules where you live, and taxes where the lottery was held. If getting a lump sum (non-annuity payment), that is taxed as personal income. Gambling winnings are taxed as income. There's a spot for gambling winnings/losses on the 1040. http://www.irs.gov/taxtopics/tc419.html
    No comments

RELATED QUESTIONS

ABOUT ANSWERBAG

Answerbag wants to provide a service to people looking for answers and a good conversation. Ask away and we will do our best to answer or find someone who can.We try to vet our answers to get you the most acurate answers.

Copyright 2023, Wired Ivy, LLC

Answerbag | Terms of Service | Privacy Policy