Publication 140-W - FAQS: New York State Lottery Winners -

what are federal taxes on lottery winnings   Dan what time does the lottery start

Income earned from lottery, game shows, and online games are taxable at a special rate of 30%, with TDS deducted before winnings are given

Here's the truth with gambling taxes: both cash and noncash gambling winnings are fully taxable What are cash winnings? Cash winnings include money you Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or

the vault slot machine 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 Answer: Lottery payments are subject to tax as ordinary income While there is little you can do to avoid this income tax, there are steps you can take to