Smart tax strategies for lottery winners - Tax Insider

Smart tax strategies for lottery winners - Tax Insider taxes lottery winnings 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 taxes on lottery winnings Immediately, 24% of the cash value is withheld for federal taxes It doesn't stop there — winning this jackpot would put the winner in the

taxes on lottery winnings The federal government treats the lottery winnings as income On prizes over $5,000, the Oregon Lottery withholds at least 24% for federal taxes

taxes on slot machine winnings Lottery wins are subject to a 30% TDS rate However, the TDS rate increases to % (including surcharge and Immediately, 24% of the cash value is withheld for federal taxes It doesn't stop there — winning this jackpot would put the winner in the