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Prize money is considered any money received from awards, raffles, lottery winnings, and any other type of contest Generally, the IRS taxes prize money as

Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by the IRS and most state governments The

tax for lottery winnings Eight states, including California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming, do not levy income taxes on

tax on lottery winnings india When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal