Are gamblinglottery winnings subject to Michigan individual income

lottery tax in usa
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Yes, Lottery prizes are taxable income under federal and state law For prizes over $600, you will receive a W-2G form from the Lottery to report your winnings

The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in that  history behind the $ billion Mega Millions jackpot won in Every state is required to withhold 25% in a federal lottery tax

does draftkings have poker However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the For any prize of more than $5,000, the Lottery withholds 24% of your winnings for Federal tax All winning Delaware Lottery tickets are subject to Delaware