Taxes on Lottery & Gambling Winnings: What You Need to Know
Taxes on Lottery & Gambling Winnings: What You Need to Know
For prizes over $5,000, the Lottery is obligated to withhold 24% for federal income tax and % for state income tax, according to the
Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no The State of Michigan's lottery tax, while not 0%, is quite reasonable compared to most states It's important to note, the IRS takes 24% off
hamster kombat link app How Michigan Collects Taxes On Your Lottery Winnings? · 1 Search Gambling Tax Deduction on DoNotPay · 2 Enter the name of the casino and indicate whether or share for winning the Lottery, other than the prize To report any changes, contact Lottery at: Michigan Lottery, Retailer Services, Box 30023,
