Do I need to pay tax on my winnings?

The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes

The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes

lottery ai Like all other taxable income, the IRS requires you to report prizes and winnings on your tax return, too That means you might have to pay

lottery sambad 1 crore A: For residents and resident aliens, percent in federal and state withholding taxes is deducted for every Lottery prize over $5,000 Current federal tax