Lottery Tax Calculator: How Your Winnings Are Taxed

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The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn

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 Lottery winnings are considered taxable income for federal tax purposes and your winnings are taxed the same as your wages or salary Most prize winners pay a

who won 66 million in calgary Mega Millions and the Powerball lotteries have collectively hit over $1 billion But if you happen to win one how much will Uncle Sam want? Income from lottery winnings and online games are included under the head 'Other source of Income' and is taxable at the special rate of 30%