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| *Ostroff, Fair and Company>>>Australia Taxes |
If you pay tax on lottery winning do you get a tax return on it? |
If you pay tax on lottery winning do you get a tax return on it? It would depend on how much you won and the total wages you have earned for the year. When they tax lottery winnings, they take out enough to cover the amount of winnings. Remember, the winnings will be added to your income, so it may kick you into a higher tax bracket, forcing you to pay more in taxes on your regular income. You can offset the lottery income by keeping all of your non-winning lottery tickets. When they tax your lottery winnings, they do not take into account the number of dependents or any legal deductions you can take. That may help you get a refund. Also, note that if your income is too high, you can lose any Earned Income Credit that you might have been entitled to before a lottery winning. We don't get taxed on lottery winnings here in Canada, just on the accumulated interest. |
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