Tallying Up the Taxes on Lottery Winnings - TurboTax

can you put lottery winnings in a bank
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The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes

While winners receive a large novelty cheque upon visiting the Lotto offices, the real money is paid into their bank accounts two weeks after Depending on the size of the prize and if you bought the lottery ticket online, the amount might be paid directly into your bank account There

slot machines in casinos Sign the back of the ticket immediately and then store it somewhere secure A safe deposit box at a bank or a safe in your home are good choices While you are deciding what to do with your money, consider putting it in a Treasury bill or redeemable guaranteed investment certificate that will