Are gamblinglottery winnings subject to Michigan individual income
Are gamblinglottery winnings subject to Michigan individual income
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how to pay taxes on lottery winnings
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Federal Form 5754 is also used when the person receiving gambling winnings subject to reporting or withholding is not the actual winner This form lists the
Determine if your gambling winnings are exempt from federal income tax and if you're eligible to claim a refund of withheld taxes Before claiming the prize, you must pay the government a TDS of % if your winnings come in the form of a car, jewellery, flat, or any other
mn lottery daily 3 The Internal Revenue Service imposes a federal tax rate of 24%, and California's state income tax, with rates ranging from 1% to %, However, winning the prize requires you to pay taxes on your winnings If you win Rs 10 lakh, you will have to pay a 30% tax on lottery