Special tax on lottery prizes and betting

income from lottery   Dan income from winning of lottery is taxable under

Total prize after federal income tax = $585,900,000 TurboTax Tip: TurboTax Tip: If you join a lottery ticket-buying pool and win, you'll be

Neither state govts nor companies earn large profits from lotteries However, a look at the system shows there's ample evidence of murky Lottery prize proceeds of more than $5,000 are subject to income tax withholding in accordance with § 48-7-101 Withholding From the Proceeds Paid

second chance lottery tickets Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no Personal Income Tax Facts: Taxpayer Davis, a computer programmer, buys 15 lottery tickets each week choosing ticket numbers according to a system she has