Income Tax on Awards & Prizes

Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big chunk

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

tax on winning lottery Federal lottery taxes are determined by the income bracket the winnings fall into Currently the two highest income brackets are taxed at 37%

tax on lottery winnings in india Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big chunk