Taxes on Prize Winnings and More!

how much taxes are taken out of 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

Lottery winnings are considered taxable income for federal tax purposes and your winnings are taxed the same as your wages or salary Most prize winners pay a A Amount to be withheld The Lottery Department shall withhold Virginia income tax at the rate of % on the proceeds from any lottery prize in excess of

jili slot free games The same is true at the state level While lottery winnings are subject to state income tax in most states, withholding tax varies from zero ( In most states, the tax is taken from the prize money before it's ever given to the winner Details on when and how much the winner pays differ