answersLogoWhite

0


Best Answer

Yes. The full amount of your (Lottery) gambling winnings for the year must be reported on line 21 other income of the IRS Form 1040 page 1.

The amount will be added to all of your other gross worldwide income and taxed at your marginal tax rate.

User Avatar

Wiki User

13y ago
This answer is:
User Avatar
More answers
User Avatar

Wiki User

13y ago

Yes you know that you have to pay income taxes at any age as long as you are still breathing and have the taxable income that is required to file a 1040 income tax return and pay any income taxes that may be due on the amount of taxable income.

This answer is:
User Avatar

User Avatar

Wiki User

11y ago

The answer to this question will depend on where you live. In some countries lottery winnings will be tax-free, while in others they will not. Age is not usually relevant but, again, it could depend on where you live. If you are unsure whether or not any income is taxable you should always check with your own taxation authority.

This answer is:
User Avatar

User Avatar

Wiki User

9y ago

The same tax rules on lotteries apply no matter what age you are, even if you are over 65.

This answer is:
User Avatar

User Avatar

Wiki User

13y ago

Yes they sure do the same as every one else as long as they are still breathing.

This answer is:
User Avatar

User Avatar

Wiki User

12y ago

Yes. The tax man will never leave you alone!

This answer is:
User Avatar

User Avatar

Wiki User

8y ago

Yes. You don't stop paying taxes just because you're 65, although some of that money might be refunded at the end of the year depending on your overall income.

This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Do senior citizens pay federal taxes on lottery winnings?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Is there a federal law that protects senior citizens against assault and battery?

Yes


What act protects senior citizens?

Senior Citizens' Equity Act


What is senior citizens tube pass?

its a cheaper pass for Senior citizens


Do you capitalise senior citizens?

No, senior citizens does not require capitalization, unless senior is the first word in a sentence.


What is the favorite music of senior citizens?

Senior Citizens like classical, or jazz.


are there in grants for senior citizens to attend college ?

are there in grants for senior citizens to attend college? ”


When was Senior Citizens Party created?

Senior Citizens Party was created on 2004-01-22.


How can we learn about travel tours for senior citizens?

You can find out about travel tours for senior citizens. You can go to the Senior Citizen Journal at www.seniorcitizenjournal.com to learn about tours. You can find information at www.goodseniorliving.com/travels/senior-citizens-travel-tours.php.


Who is the Minister for Senior Citizens for New Zealand?

Jo Goodhew is the Minister for Senior Citizens for New Zealand.


What consumers purchase Depends?

Usually senior citizens, or other adults, probably buying them for senior citizens.


What would be a good awareness stratergy for senior citizens?

a good awareness first aid strategyfor senior citizens & illitrates a good awareness first aid strategyfor senior citizens & illitrates


When was Scottish Senior Citizens Unity Party created?

Scottish Senior Citizens Unity Party was created in 2003.