Taxes on Prize Winnings and More!

michigan lottery taxes
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Yes Whether you're playing the Michigan Lottery or one of the multi-state drawings such as Powerball or Mega Millions, you are on the hook for any profits that

The Breakfast Club took home about $305 million after taxes tax, the Michigan Lottery said Their win ended a 34-drawing streak

michigan midday lottery The Internal Revenue Service considers lottery money as gambling winnings, which are taxed as ordinary income The total amount of tax you pay

michigan lottery official page Lottery winnings are considered ordinary taxable income for both federal and state tax purposes Winnings are taxed the same as wages or salaries are, and the