Tax Planning for Lottery Winners

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Question: My husband and I recently won the grand prize from my State's lottery Can you provide some guidance on how we will be taxed on our lotto winnings

If you are a nonresident alien of the use Form 1040NR Nonresident Alien Income Tax Return to report lottery and gambling winnings How are Some states, such as California, don't tax lottery winnings But for other state lotteries, you'll be taxed at your ordinary income tax rate Most states that

happy and prosperous slot machine One way to avoid taxes on lottery winnings is to donate the money to charity Charitable donations are tax-deductible, which means that you can Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no