Lottery Winnings

The Michigan Income Tax Act has no provision to subtract your losses on the Michigan individual income tax return You cannot net the winnings and losses for

The Lottery Department shall withhold Virginia income tax at the rate of % on the proceeds from any lottery prize in excess of $5,000 The tax shall be

lottery checking app Here are the states with the highest lottery tax rates (It is important to note that you will also pay federal taxes on your Powerball prize Generally, 24%

lottery resulttoday All winnings over $5,000 are subject to tax withholding by lottery agencies at the rate of 24% This potentially leaves a gap between the