Taxes on Prize Winnings and More!
Taxes on Prize Winnings and More!
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Lottery winnings that are more than $5,000 get a federal tax of 24 There are also additional federal taxes of about 37% In total
Not all states tax for lottery winnings, Federal does though Federal is entitled to 28% under 500k Over 500k they can take up to like 38% For Most prize winners pay a fixed federal income tax rate of 24% on their lottery winnings over $5,000 Federal prize withholdings are calculated on the amount of
da vinci diamonds free slot game online Federal income tax refunds; State income tax refunds; State Lottery winnings; Funds from unclaimed property If you believe the amount withheld was incorrect, Yes Gamblinglottery winnings are subject to Michigan individual income tax to the extent that they are included in your adjusted gross income The Michigan
