23VAC10-140-282 Withholding on lottery prizes

Whatever prize money you receive during the year is added to your taxable income when you file your tax return You are then taxed at the

How winnings are reported to the IRS: Form W-2G · $600 or more if the amount is at least 300 times the wager (the payer has the option to reduce the winnings by

if you win the lottery what should you do If you win more than $5,000, you will also be taxed federally When winnings include items that are non-cash prizes , the items will be

if you win the lottery is it taxed Taxes at source are deducted by the lottery organisation prior to the prize being paid out to the winner For example, if a player wins a $5 million Mega