Suppose I won the lottery and formed an LLC because I live in a
Suppose I won the lottery and formed an LLC because I live in a
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Winners may establish a trust to claim their winnings Michigan, Yes, Winners of more than $10,000, Winners of multi-state games such as Mega Millions can still
Where you reside would determine if you must also pay state income taxes Typically, lottery winnings are considered ordinary income for tax However, the windfall shrinks dramatically after the IRS collects its share of the prize, and state taxes could further reduce winnings
minnesota lottery winning numbers For example, a lottery winner could buy real estate and put the properties in a Limited Liability Company If properly structured, at the There are three ways to claim prizes $599 and under: visit a Lottery retailer, claim at a Lottery District Office or claim by mail Option 1: Visit a Lottery