23VAC10-140-282 Withholding on lottery prizes

Under federal, state and local tax laws and other lottery rules, your fortune will be knocked down a bit Mega Millions is a multi-state lottery

Federal tax Right off the bat, lottery agencies are required to withhold 24% from winnings of $5,000 or more, which goes to the federal

federal tax rate on lottery winnings Gambling and lottery winnings and losses · You don't report your gambling income net of expenses, though · Instead, you must report your gambling

federal tax lottery winnings income, and your tax deductions or credits Federal lottery taxes Winning the lottery could push you into a higher tax bracket, and the