23VAC10-140-282 Withholding on lottery prizes

lottery winner taxes
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Whatever option the winner chooses, the federal tax rate of 24% is automatically withheld from the payments, according to Frizzi-Babb For the

Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes, Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

logo sensational slot Winners will be responsible for any applicable taxes associated with the prize value unless otherwise specified No substitutions allowed, including cash The IRS enforces a 24% federal withholding tax when a person first wins the lottery The rest of what a winner owes in taxes depends on their