Any income from gambling winnings is subject to both state and federal taxes, but FICA taxes are not included.
Your tax rate is dependent on a few things, such as your tax bracket and annual income. Michigan Gambling Winnings Tax Calculator While it should serve as a guide, taxable income is a complicated matter, so it will always benefit you to consult a tax professional to ensure you are paying the proper tax in accordance with federal and Michigan laws in regards to your gambling activities. So, when exactly do you need to report your gambling winnings to the Internal Revenue Service? This page answers this question and also helps you understand how and why gambling wins are taxable. If you are betting on the Pistons or playing craps at an online casino or in person, you must pay federal and state taxes when you win. In Michigan, as in other states where gambling is legal, all winnings are subject to taxes. Gambling Problem? Call 1-80 for confidential help. Bonus bets expire in 7 days from issuance.
Rewards issued as non-withdrawable bonus bets. All promotions are subject to qualification and eligibility requirements.
