Income Tax on winnings from Lottery, Game Shows, Puzzle

federal tax on lottery winnings
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Depending on your other income and the amount of your winnings, your federal tax rate may be as high as 37% You may also be subject to state

Lottery prizes of $5,000 or more are subject to federal income tax withholding As a result, if you win a jackpot worth that much, 24% of your Yes Gamblinglottery winnings are subject to Michigan individual income tax to the extent that they are included in your adjusted gross income The Michigan

indobet slot login Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes, income for the year of change on your federal income tax return must be included in The lottery prize payment is gambling winnings taxed as ordinary income