Do senior citizens have to pay taxes on Lottery prizes?

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Do senior citizens have to pay taxes on Lottery prizes?

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NedBarton

Yes that’s right. Any winnings from gambling (poker, lottery, etc.) are taxed regardless of age. But there is one interesting point. If you use a foreign site to play, for example, idn poker, then you can simply not report it if the winnings are small. This is a small gimmick and is hardly recorded by the tax authorities.

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The Lottery is required to report the appropriate tax departments, any prize won over $600 and to withhold applicable taxes from and prizes over $5,000, regardless of the winner’s age. Click here for more information.

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