Are gamblinglottery winnings subject to Michigan individual income

do you pay taxes on lottery winnings every year   Dan double double video poker

With the lump sum, for example, you'll see a large chunk of it withheld for taxes Every state is required to withhold 25% in a federal lottery

You'll either pay taxes on all the winnings in the year you receive the money — for winnings paid out as a lump-sum payment · Or you'll pay How Much Do Lottery Winners Pay in Taxes? Unveiled! Are you curious about the tax

slot frenzy You must pay federal income tax if you win You'll fall into the highest tax bracket in the year you win if you take the jackpot in a lump sum  Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments