Directive 86-24: Lottery Winnings; Lottery Tickets -

After calculating your net winnings, the first thing the IRS will do is take 25 percent of your prize money for taxes This 25 percent is

Directive 86-24: Lottery Winnings; Lottery Tickets - Lottery winnings are not taxed twice Under both the federal and state tax system, they are considered ordinary taxable income You pay tax on your winnings

After calculating your net winnings, the first thing the IRS will do is take 25 percent of your prize money for taxes This 25 percent is

how to check if i won green card lottery How winnings are reported to the IRS: Form W-2G · $600 or more if the amount is at least 300 times the wager (the payer has the option to reduce the winnings by

Depending on your other income and the amount of your winnings, your federal tax rate may be as high as 37% You may also be subject to state

how to pick lottery numbers 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

For example, if a player wins a $5 million Mega Millions jackpot, then Mega Millions and the US government will take out 30% of that before the player is given