23VAC10-140-281 Income taxation of lottery prizes

is lottery winnings taxable
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How much are lottery winnings taxed ? Lottery winnings are subject to federal income tax at a rate of 24%, and some states may also impose their own tax on

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 The same is true at the state level While lottery winnings are subject to state income tax in most states, withholding tax varies from zero (

lottery site 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 He reported this payment on his tax return as ordinary income, but he changed his mind several years later and sought a refund of some $305,000, claiming that