Are gamblinglottery winnings subject to Michigan individual income

federal taxes on lottery winnings
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There will be federal taxes The rate on federal withholding is based on the winner's resident status So you've won a life-changing sum of

If your prize is over $5,000, the IRS requires the payor to withhold 28% for federal taxes In addition to federal tax on lottery winnings, your The lottery agency must withhold 25% of your winnings for federal income taxes How much is withheld for state income taxes varies from state to

official lottery numbers Just remember that your good fortune includes a responsibility to pay taxes and fees on those winnings federal income tax purposes  What are the lump sum lottery winnings after taxes? The federal tax on the lottery is determined by the federal marginal rates, which is 37 percent in the