Do you have to pay tax on a lottery win?

Do you have to pay tax on a lottery win? are lottery winnings taxed Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by the IRS and most state governments The area789 slot v2 Yes Gamblinglottery winnings are subject to Michigan individual income tax to the extent that they are included in your adjusted gross income The Michigan

area789 slot v2 As previously mentioned, you have to pay federal income tax on lottery winnings Right off the bat, lottery winnings over $5,000 are subject to

are lottery tickets recyclable The IRS automatically withholds 30% of net lottery winnings in the US The rate at which the net winnings are ultimately taxed though depends on Massachusetts gross income is divided into two classes, Part A income taxed at 10% and Part B income taxed at 5% Part A income is comprised of interest,