How are Lottery Winnings Taxed?

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Q- How much tax is paid for a 5 crore lottery? The entire amount received will be taxable at the flat rate of % The award winner would

Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the

poker terms and meanings If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% Income tax is withheld at a flat 24% rate from 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