Special tax on lottery prizes and betting
Special tax on lottery prizes and betting
The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also
Lottery sales are already taxed yet they tax your winnings Same way some states make you pay annual property tax for property you were already Can you avoid taxes on a Mega Millions payout? Having a winning ticket from a state that won't tax your lottery winnings (including for example, California and
free poker games for fun What about State Taxes? Not only do you have to pay taxes to the federal government on your lottery winnings, you may also need to pay state The Lottery Department shall withhold Virginia income tax at the rate of % on the proceeds from any lottery prize in excess of $5,000 The tax shall be
