Do you need to pay tax on lottery winnings?
Do you need to pay tax on lottery winnings?
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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
US lottery taxes differ from other countries because winnings are considered taxable income for both federal and possibly state taxes The federal government The overall tax rate on earnings now becomes % If the total amount won exceeds Rs 10 lakhs, a further 10% surcharge is also applicable To
which slot game is good Winning, receiving a share of a win or being gifted money has no tax implications on the initial amount and does not need to be reported to us 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
