Are gamblinglottery winnings subject to Michigan individual income

do you have to pay taxes on lottery winnings every year
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No If you take the lump sum, you pay federal and state income tax on it for the year in which you won In subsequent years

How it works: Ohio lottery winnings over $600 are taxed as income If I won today's $550 million jackpot, I'd pay 24% in federal taxes, plus 4% The tax shall be withheld on the entire amount of the prize, not merely the amount in excess of $5,000 The tax must be withheld by the Lottery Department on

new online slot Like all other taxable income, the IRS requires you to report prizes and winnings on your tax return, too That means you might have to pay You do not have to report certain non-taxable amounts as income, including the following: lottery winnings of any amount, unless the prize