How Taxes on Lottery Winnings Work

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You are taxed on anything you win, whether it's cash, an item, a trip, or a service · Winnings are subject to federal and state income taxes · Most tangible

Is lottery & gambling income taxable? Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by US lottery taxes differ from other countries because winnings are considered taxable income for both federal and possibly state taxes The federal government

can a corporation win the lottery The CT Lottery is required by law to withhold Connecticut state income tax on all gambling winnings that are either: 1) subject to federal Therefore, the winner will not be subject to Connecticut income tax on the amounts received 9 Will Payments of State Lottery Winnings Be Reported to DRS?