23VAC10-140-282 Withholding on lottery prizes

23VAC10-140-282 Withholding on lottery prizes federal tax rate for lottery winnings However, that's not all Lottery winnings also count as income, so by winning the jackpot, the ticketholder has been pushed into the 37% tax federal lottery tax 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

federal lottery tax Lottery and other lotteries, are subject to federal and Minnesota income taxes You must report and pay income tax on all prizes and

federal tax rate on lottery winnings The Connecticut Lottery Corporation will withhold Connecticut income tax at the rate of 5% from all payments of reportable Connecticut lottery winnings made to The IRS views lottery winnings as ordinary income The top tax winning the lottery would bump the winner — has a 37 percent tax rate