Are gamblinglottery winnings subject to Michigan individual income

how much taxes taken out of 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

Before the winner receives any of the money, however, the IRS automatically takes 24% of the winnings The rest of the winnings are expected to be paid by the Are gamblinglottery winnings subject to Michigan individual income tax You may exclude the first $300 won from gambling, bingo, awards or prizes from total

retribution paladin best in slot Use the lottery tax calculator to estimate the tax amount deducted from a lottery prize, received as either a lump sum or through annuity payments  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