23VAC10-140-282 Withholding on lottery prizes

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Lottery agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,

You'll include the amount of your winnings when you file your tax return for the year rather than at the casino when you claim them Make sure to keep good The top tax bracket for the highest earners in this country — which is where winning the lottery would bump the winner — has a 37 percent tax

wheel of fortune megaways slot Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax Winnings are taxed the same as wages or salaries are, and the total amount the winner receives must be reported on their tax return each year Before the winner