23VAC10-140-281 Income taxation of lottery prizes

federal tax rate on lottery winnings
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Some states have no income tax or don't tax lottery winnings, but others have top-income state tax brackets exceeding 10% Powerball isn't

The payer will deduct 24% from your winnings on the spot if you win above a certain amount · You'll report your winnings and your tax payments when you file

federal income tax on lottery winnings It is clear that under both law and regulation, Rhode Island Lottery winnings and prizes received after July 1, 1989 are taxable under the personal income tax

federal lottery taxes If the winnings are received during the residency portion of the winner's taxable year, all gambling winnings, to the extent includable in the winner's federal