Fake Prize, Sweepstakes, and Lottery Scams

Currently, the Lottery is required to withhold 24% for federal taxes and 4% for state taxes If you win a large prize, it's a good idea to talk

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

do you pay tax if you win the lottery Lottery winnings over $5,000 are taxed at a 4 percent rate The tax applies to the entire amount of the prize, not just the amount in excess of

do you have to claim lottery winnings on your taxes Senior Citizens • Reduction in Time for Income Tax Proceedings do this, in three ways: 44 Firstly, by creating the institutional