23VAC10-140-282 Withholding on lottery prizes

how is lottery winnings taxed
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California, unlike some other states, does not levy income tax on lottery tickets purchased within its borders However, this doesn't mean

Lottery winnings are considered taxable income for federal tax purposes and your winnings are taxed the same as your wages or salary Most prize winners pay a

how does all in work in poker That's because when anyone wins the lottery, the IRS withholds 24% of the winnings off the top With a large jackpot, if the winner opted for the lump sum cash

how many states are in the powerball lottery 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