Do senior citizens pay federal taxes on lottery winnings?

Answer 1

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.

Answer 2

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.

Answer 3

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.

Answer 4

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

Answer 5

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

Answer 6

Yes. The tax man will never leave you alone!

Answer 7

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.