Do you need to pay tax on lottery winnings?

The tax withholding rate is 24% for lottery winnings, less the wager, for prizes greater than $5,000 An example of the calculation used to determine whether a

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

taxes on million dollar lottery 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

taxes on lottery winnings ohio Under Act 84 of 2016, the Pennsylvania personal income tax of percent now applies to Pennsylvania Lottery cash prizes paid after January 1, 2016