Taxes and Tax Preparation
Income Taxes
Lotteries
Senior Citizens

Do elderly pay taxes on lottery winnings?

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Wiki User
April 14, 2010 3:30AM

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.