Are gamblinglottery winnings subject to Michigan individual income
For prizes over $5,000, the Lottery is required to withhold 25% for federal taxes, and 8% for state income taxes For Video Lottery℠ Platinum Series
Directive 86-24: Lottery Winnings; Lottery Tickets - taxes lottery winnings
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Yes and no Technically, the answer is no The IRS taxes the money in the exact same manner, whether you take a lump sum payment or not Twenty-
taxes on 1 million lottery That's because when anyone wins the lottery, the IRS withholds 24% of the winnings off the top With a large jackpot, if the winner opted for the lump sum cash