Are gamblinglottery winnings subject to Michigan individual income

what are federal taxes on lottery winnings
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When it comes to lottery prizes, the first thing that happens after you turn in that winning ticket and get your lump sum is that the federal

Under IRS rules, lotteries automatically withhold 24 percent of any win bigger than $5,000 for federal taxes, meaning that lump sum will have

what is lottery Key Takeaways · You are taxed on anything you win, whether it's cash, an item, a trip, or a service · Winnings are subject to federal and state income taxes

what is a river in poker 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