Taxes on Lottery Winnings
Taxes on Lottery Winnings
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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
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 Establish a Trust: Setting up a trust can be a smart strategy to protect your lottery winnings from excessive taxation By placing your funds in
10_6_24 lottery result Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home However, once your prize is in a bank account, any interest earned on your prize is subject to income tax for both you and any gift recipients If you currently
