why are lottery winnings taxed
I Won the Lottery! How Bad Are Taxes Going to Be?
why are lottery winnings taxed
why are lottery winnings taxed
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why are lottery winnings taxed 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 IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes While you don't have to report lottery winnings of $600 or less, if you win more than $5,000, the government will hit you with a 24 percent federal withholding
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