23VAC10-140-281 Income taxation of lottery prizes

what is the tax rate on lottery winnings
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Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no

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 Like all other taxable income, the IRS requires you to report prizes and winnings on your tax return, too That means you might have to pay

kitty glitter slot wins The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also You do not have to report certain non-taxable amounts as income, including the following: lottery winnings of any amount, unless the prize