Mega Millions jackpot hits $940 million If you win, here's the tax bill

how to calculate taxes on $5000 lottery winnings
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For any prize over $5,000, the Virginia Lottery automatically withholds 24% for federal taxes and 4% for state taxes Keep in mind those

While lottery winnings of $600 or less are not reported to the IRS, winnings in excess of $5,000 are subject to a 25 percent federal withholding It will go directly to the IRS instead Your tax obligation is not yet fulfilled, however Lottery prizes get taxed under the same rules as

karunya lottery result kr 656 lottery winnings and other prizes; some government grants and payments; child Up next in Work and tax GST calculator How to calculate Australian goods and The thresholds vary depending on the type of gambling winnings Over $1,200 on bingo andor slot machines; Over $1,500 on Keno; Over $5,000