Are gamblinglottery winnings subject to Michigan individual income
Are gamblinglottery winnings subject to Michigan individual income
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Most prize winners pay a fixed federal income tax rate of 24% on their lottery winnings over $5,000 Federal prize withholdings are calculated on the amount of
The federal tax rate on any prize over $5,000 is 24%, which gets immediately deducted from your winnings And for a large prize like the Mega Key Takeaways · The payer will deduct 24% from your winnings on the spot if you win above a certain amount · You'll report your winnings and your tax payments
internet poker games free Before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000, CNBC explains Out Here's what you need to know about taxation and legal obligations Learn about tax obligations when winning a lottery or prize money in India
