Smart tax strategies for lottery winners - Tax Insider

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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

Lottery winnings are treated as regular income and subject to state and federal income taxes In the US, most states offer some type of cash The tax break will be to the extent of tax paid in USA or Tax applicable in India whichever is lower In other words you will not get a refund

slot position Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax Lottery winnings are considered taxable income Besides the upfront withholding, your total federal tax rate could be higher—up to 37% If you