TurboTax Tip: If you join a lottery ticket-buying pool and win, you’ll be responsible for paying taxes on your portion of the winnings. If you personally claim the prize on behalf of the pool, be sure to have a written contract defining everyone’s shares so you’re not responsible...
Todd Wallack
If you have any gambling winnings, including Kansas Lottery winnings, you must file your federal income taxes using Form 1040; you cannot use the shorter Form 1040A or the abbreviated Form 1040EZ. Report your Kansas Lottery winnings the line designated for “Other income.” If you have taxable...
If you've been lucky enough to hit a large lottery prize, taxes are still due on your winnings. Find out the details on taking the cash option versus the annuity and what federal and local withholdings are due in your state.Lump Sum or Annuity...
Whiletaxes on US lottery winningsdiffer depending on the state where the ticket is purchased, the following information is accurate for tickets purchased on theLotter. The payout of prizes is based on tax laws in each individual state. Below is a list of relevant US multi-state and state lo...
Taxable winnings Gambling and lottery winnings and losses Other types of winnings Click to expand Key Takeaways You’re required to report all of your gambling winnings as income on your tax return, even if you end up losing money overall. You may receive a Form W-2G, Certain Gambl...
Congratulations, your Louisiana Lottery numbers have come up -- but a lottery win in this state means both federal and state tax issues. Any gambling or lottery winnings get added to your income for tax purposes, and are declared to the appropriate state and federal agencies by the sponsor of...
FICA taxes—Social Security and Medicare—are employment taxes. They're imposed on earned income, so here's the good news: Lottery winnings are exempt from FICA
Are game show winnings taxed differently than gambling winnings? In some ways, they face similar fates: Both are income you must report to the IRS. For the lottery or most casino gambling, however, you can deduct your losses. Nice, right? Of course, there are stipulations. You can only ...
Pennsylvania Taxes Lottery Winnings $$$ InAccounting & Finances,Business,Taxeson March 5, 2017 by Sufen Wang Take a break from the Tax Season and have a laugh about this article… The Game of Chance Gets New Rules: Pennsylvania Taxes Lottery Winnings ...