23VAC10-140-282 Withholding on lottery prizes

if you win lottery how much is taxed
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No tax deduction will be required if the winning amount is within Rs 10000 Frequently Asked Questions Q- How much tax will you pay on

If the winner takes the payout, as many do, the federal tax would cut the prize by around $149 million In an estimate from USA Mega, an 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

lottery singam result So after subtracting the cost of your ticket, you will owe federal income taxes on what remains How much exactly depends on your tax bracket, Tax Rate: Winning from lottery is taxable at a special rate of 30% No deduction is allowed Also no benefit of slab rate can be taken