State of NJ - Division of Taxation

do you pay taxes on lottery winnings every year
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winnings from lottery;; activity of owning I am an individual having business income can I switch between New tax regime and old tax regime every year ?

Yes Gamblinglottery winnings are subject to Michigan individual income tax to the extent that they are included in your adjusted gross income The Michigan 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

what number does the lottery go up to Federal lottery taxes are determined by the income bracket the winnings fall into Currently the two highest income brackets are taxed at 37% do you pay taxes on lottery winnings every yearAt POWERUP, your safety and security are our top priorities