How much money will you get after taxes if you win the Mega

how much taxes come out of lottery winnings
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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 that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments The rate of tax on Winning from lotteries is 30% Which after adding cess comes to % No benefit of Basic exemption limit would be available

rock paper scissors slot machine How to report gambling income All gambling winnings are taxable including, but not limited to, winnings from lotteries, raffles, The Connecticut Lottery Corporation will withhold Connecticut income tax at the rate of % from all payments of reportable Connecticut lottery winnings made