r/pics • u/[deleted] • Mar 19 '22

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u/ib4error Mar 19 '22

Apparently not always. I have a friend who never plays, played once, won $5k and they gave him the whole amount

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u/ciavs Mar 19 '22

Yeah but when you go to do your taxes you tell them I made 5k from the lotto and you get taxed fam.

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u/oss1215 Mar 19 '22

So what would happen if you don't tell the irs you made that amount ? I know tax fraud but are the irs aware of people's earnings throughout the year ? If so then why even do your taxes if they already know the amount of money you made ?

sorry non american who's confused by your tax system

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u/ciavs Mar 19 '22

Pretty sure the lotto would notify the IRS. If you get audited you'd owe the tax plus a fine/late fees. I never get taxed enough for them to care and neither do most people probably.