how much tax do i pay for lottery winnings

how much tax do you pay for lottery winnings   Dan how often is the lottery

Did you know taxes on winnings should be reported as ordinary income? Yes, it's true Generally, the federal government taxes prizes, awards, sweepstakes,

That's because when anyone wins the lottery, the IRS withholds 24% of the winnings off the top With a large jackpot, if the winner opted for the lump sum cash 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

cyprus lottery joker Do I have to pay taxes on my winnings? Yes All prize winnings are subject to federal and state income tax withholding State tax of % is automatically No, winnings are taxed at a flat rate of % They are not taxed at the tax slab rate of the individual Q- When will awards be tax-free?