23VAC10-140-282 Withholding on lottery prizes

tax in lottery winnings
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If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding

Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,

tax lottery State tax rates on lottery winnings vary If you live in Georgia, your state tax rate for lottery winnings is % That means you get

tax calculator lottery Tonda Lynn and her relatives found this out when the IRS, backed up by the Tax Court, ruled that there had been no binding contract to share the lottery