And if you have won the lottery, do you get back more or less money?
Lottery winnings count as income. You have to pay taxes on it just the same as if you had earned it from your job. The amount you will get back depends on whether taxes were withheld from the winnings you received or not.
In other words, if you over payed taxes on your income and over payed taxes on your lottery income you will get more money back. If you over payed taxes on your income and taxes were not withheld from your lottery winnings, you will get less back or may end up owing taxes depending on the amount you won. |
