I Won the Lottery! How Bad Are Taxes Going to Be?

taxes from lottery winnings
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Income Tax at the rate of 20 percent shall be applicable on all lottery winnings or prizes equal to or more than ,000 per lottery ticket

However, before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000 Out of the

taxes taken out of lottery winnings Not all states tax lottery winnings Of course, they are tax free in those states that don't have any income taxes at all: Texas, Florida, South

taxes on slot machine winnings Yes Gamblinglottery winnings are subject to Michigan individual income tax to the extent that they are included in your adjusted gross income The Michigan