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Add Lotto Prize Taxes: What You Need to Know About Winnings and Taxation

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According to the Federal Trade Commission (FTC), over $1.9 billion was reported misplaced because of fraud in 2020, with lottery and prize scams accounting for a good portion of these losses. The Better Business Bureau (BBB) notes that complaints about lottery scams have surged lately, highlighting the necessity for elevated consciousness among customers. Over 30% of people who reported losses in lottery scams indicated they were prompted by a pleasant or acquainted tone in the communication, demonstrating how scammers manipulate belief to carry out their illicit actions.
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