Tax on Winning Game Shows & Lotteries

A Lottery prizes subject to taxation Any lottery prize of $600 or more shall be subject to Virginia income tax To the extent included in federal adjusted

The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also

lottery 49ers The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also

lottery winnings tax rate If a player wins more than $5,000, an additional 24 percent federal withholding tax will be withheld when the prize is claimed What tax information is provided