23VAC10-140-282 Withholding on lottery prizes
23VAC10-140-282 Withholding on lottery prizes
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taxes to lottery winnings as for other forms of income Establishment of legislation that would allow municipali- ties or counties the option of deciding
federal adjusted gross income, each lottery prize less than $600 Virginia State Lottery Winnings; Individual Income and Withholding Taxes The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also
endeavour foundation prize home lottery If your winnings are $600 or more, the lottery agency is supposed to give you a Form W-2G that you'll have to file with your federal income tax The tax must be withheld by the Lottery Department on the date of actual or constructive payment, whichever is earlier, as defined in federal Treasury