TIR 79-6: Income Taxation Of Gambling Winnings -

what are the taxes on lottery winnings
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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

While you don't have to report lottery winnings of $600 or less, if you win more than $5,000, the government will hit you with a 24 percent federal withholding Proceeds of lottery prizes shall be subject to Kentucky state income tax A holder of a winning cash ticket from a Kentucky lottery game shall claim a

slot machine tips and secrets When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal All gambling winnings are taxable including, but not limited to, winnings from: Lotteries; Raffles; Horse races; Casinos Gambling losses