23VAC10-140-281 Income taxation of lottery prizes

This income is then subject to individual income taxes, which range from 10% to 37% depending on their other income A unique feature of sports

All winnings over $5,000 are subject to tax withholding by lottery agencies at the rate of 24% This potentially leaves a gap between the

federal lottery taxes Immediately, 24% of the cash value is withheld for federal taxes It doesn't stop there — winning this jackpot would put the winner in the

federal tax on lottery winnings If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding