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Printable Form W-2G Rockford Illinois: What You Should Know

If you're a winner, you'll get back a 5 check in the mail. What Happens to Taxes You Don't Pay? For federal income tax purposes, some of your winnings will be deducted automatically from your income each year. For example, your winnings from scratch-off games are fully taxable. Other winnings, like sales tax, which comes directly into your bank account each month, will be reported on your Schedule C. Keep in mind that it can take weeks -- even months -- for certain payments, such as sales tax or state income taxes, to reflect on your tax return. For federal income tax purposes, there are specific rules that apply to certain lottery and gambling winnings. For more information, contact your state lottery or gambling authority. Can I Claim a Prize From an online game while my winnings are still in the mail? A claim is only allowed at the end of the month after you claim your prize.

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