lottery income tax

lottery income tax

if I win the lottery and i pay taxes on it I have yet to add the winner to my income taxes?

Yes, of course yes. You will get a W-2G at the end of the year showing your gross earnings, which will have to report on their statements from both federal and state income tax, and federal and state tax withheld, so you get credit for their federal tax return and state. Who pays your winnings have no idea what the rest of your income for a given year, just knowing how you won the lottery and withholding taxes based on that. It is the same as receiving a paycheck each week, you have taxes withheld, but still have to list down your W-2 income at the end of the year.

Kanye West – We Dont Care – College Dropout