IP 200938 Connecticut Income Tax Treatment of State Lottery
IP 200938 Connecticut Income Tax Treatment of State Lottery
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Income that is not taxable You will not have to pay tax on: lottery winnings and other prizes; some government grants and payments; child support; the tax-free
Such winnings are chargeable to tax at a flat rate of 30% under section 115BB Conditions: a No expenditure or allowance can be allowed from such income b Reportable State lottery winnings means State lottery winnings that the State agency conducting the lottery is required under the Internal Revenue Code or
what is today''s lottery Others don't have a general income tax, but you'll still owe federal taxes A few states have specific rules on taxing lottery winnings: California: Does not lottery winnings, including cash prizes from the Pennsylvania Lottery Noncash prizes from the PA Lottery are not taxed A loss in one class of income may
