Section 194B of Income Tax Act

website how much is taxes on lottery winnings The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn how much of the lottery is taxed While lottery winnings of $600 or less are not reported to the IRS, winnings in excess of $5,000 are subject to a 25 percent federal withholding

how much is taxes on lottery winnings The CT Lottery is required by law to report and withhold federal income tax on all gambling winnings valued at more than $5,000 (Under certain  Yes Gamblinglottery winnings are subject to Michigan individual income tax to the extent that they are included in your adjusted gross income The Michigan  Depending on their taxable income, the winner could face a federal marginal rate as high as 37%, which would further slash the winnings to

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