Ga. Comp. R. & Regs. R. 560-7-8-.39 - Withholding On Proceeds Paid By the Georgia Lottery Corporation
(1)
Definition of Resident and Nonresident. O.C.G.A. §
48-7-1 provides the definition of
both residents and nonresidents.
(2)
Authority to Tax Lottery
Proceeds. O.C.G.A. §
50-27-24(a)
provides the authority to tax all proceeds of any lottery prize regardless of
the amount.
(3)
Lottery Prize
Proceeds Subject to Income Tax Withholding. Lottery prize proceeds of
more than $5,000 are subject to income tax withholding in accordance with
O.C.G.A. §
48-7-101.
(4)
Withholding From the Proceeds Paid
to a Georgia Resident or Nonresident. For prize proceeds of more than
$5,000 from a play with any lottery conducted by the Georgia Lottery
Corporation, all such proceeds shall be subject to withholding in an amount
equal to the maximum marginal rate provided in O.C.G.A §
48-7-20 multiplied by the
proceeds. The Georgia Lottery Corporation shall issue to the recipient of such
prize a W-2G showing the amount of the lottery prize proceeds and the amount of
income tax withheld. The Georgia Lottery Commission shall remit income tax
withheld on the proceeds to the Commissioner of Revenue as prescribed in the
State income tax laws.
Notes
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