Taxes on Lottery Winnings: How Much Will You Get

how much do lottery winnings get taxed
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When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal

However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,

texas holdem poker mod apk The Lottery Department shall withhold Virginia income tax at the rate of % on the proceeds from any lottery prize in excess of $5,000 The tax shall be Thus no TDS applies to winnings below Rs 10,000 Kerala state itself does not impose an additional tax on lottery