Tax on Winning Game Shows & Lotteries

Tax on Winning Game Shows & Lotteries federal tax on lottery
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federal tax rate for lottery winnings Whatever option the winner chooses, the federal tax rate of 24% is automatically withheld from the payments, according to Frizzi-Babb For the

federal lottery tax 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 We show both the initial mandated federal withholding of 24% as well as the remaining federal taxes that will be due The initial state withholding taxes are