The Economics of the Lottery

website what percentage of lottery winnings go to taxes How to report gambling income All gambling winnings are taxable including, but not limited to, winnings from lotteries, raffles, what lottery has the best odds uk Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

what percentage of lottery winnings go to taxes The IRS is immediately going to withhold 24% of your take-home winnings 24% is right in the middle of the IRS tax bracketing system But, if  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 agencies are generally required to withhold 24% of all winnings over $5,000 for taxes If your winnings put you in a higher tax bracket,

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