Taxes on Prize Winnings and More!

Taxes on Prize Winnings and More! federal income tax on lottery winnings
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federal tax for lottery winnings However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the

federal taxes on lottery winnings A Lottery prizes subject to taxation Any lottery prize of $600 or more shall be subject to Virginia income tax To the extent included in federal adjusted Lottery winnings over $5,000 are subject to both federal and state income tax withholding—this is, part of your winnings are automatically paid