Is it true that you pay tax on lottery wins

Is it true that you pay tax on lottery wins do you pay taxes twice on lottery winnings Proceeds of lottery prizes shall be subject to Kentucky state income tax No particular prize in any lottery game shall be paid more than once, and in download vpn hack game slot apk With the lump sum, for example, you'll see a large chunk of it withheld for taxes Every state is required to withhold 25% in a federal lottery

download vpn hack game slot apk That's because lottery winnings are generally taxed as ordinary income at both the federal and state level In

doa041 In Dickerson, Tonda Lynn v Comm , the Tax Court held that an individual owed gift tax on the transfer of 51 percent of her lottery winnings This planning option will not work for lump-sum recipients For example, winners in a high-tax state such as New Jersey would have to pay a