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If i won on a lotto ticket and had to pay state and federal tax do i get it back at tax time ?
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If i won on a lotto ticket and had to pay state and federal tax do i get it back at tax time ?
Withholding on lottery winnings works exactly like withholding on a W-2.
If you were under withheld, it may decrease your refund somewhat (or increase taxes due) If the winnings were over withheld, it may increase your refund.
Like a W-2, the only way you will get a full refund of your withholding(s) would be to have no taxable income.
To get an estimate of your tax result and refund, see Tax Caster
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If i won on a lotto ticket and had to pay state and federal tax do i get it back at tax time ?
Withholding on lottery winnings works exactly like withholding on a W-2.
If you were under withheld, it may decrease your refund somewhat (or increase taxes due) If the winnings were over withheld, it may increase your refund.
Like a W-2, the only way you will get a full refund of your withholding(s) would be to have no taxable income.
To get an estimate of your tax result and refund, see Tax Caster
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If i won on a lotto ticket and had to pay state and federal tax do i get it back at tax time ?
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If i won on a lotto ticket and had to pay state and federal tax do i get it back at tax time ?
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If i won on a lotto ticket and had to pay state and federal tax do i get it back at tax time ?
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If i won on a lotto ticket and had to pay state and federal tax do i get it back at tax time ?
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