23VAC10-140-282 Withholding on lottery prizes

tax in lottery winnings
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Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

Yes, you do have to pay tax on money that you win as a prize Larger prizes like a lottery win or gambling winnings will even generate income

tax on lottery winnings How much exactly depends on your tax bracket, which is based on your winnings and other sources of income, so the IRS withholds only 25% You'll

tax on lottery winnings uk Taxes on Poker Winnings will be taxable at 30% the highest tax bracket Q- Can income tax deducted from lottery winnings be claimed as a refund?