Income Tax Calculator Lottery Winnings

scratchoff lottery tax calculator
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scratchoff lottery tax calculator Whether a lucrative sports parlay bet or a winning Virginia Lottery ticket, all gambling income is considered taxable and should be reported on  This includes lottery winnings, sweepstakes you entered by making a wager, church raffle tickets, or charity drawings You can claim an itemized deduction for  The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes

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