Tax on Winning Game Shows & Lotteries

what taxes do you pay on lottery winnings
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Personal Income Tax Prizes received by Massachusetts residents from the Massachusetts lottery or from lotteries, raffles, races, beano or other events of

Such gains are subject to taxation under the Income from Other Sources heading Taxes that are due must be paid, or else fines and legal Winnings received are not taxable as they are windfalls and not considered as an income You do not need to declare the winnings in your Income

babeh 188 slot login The winning amount is tax free, however you will be charged when you put it in the bank or when inheritance tax is charged  The Lottery Department shall withhold Virginia income tax at the rate of % on the proceeds from any lottery prize in excess of $5,000 The tax shall be