Good afternoon, I WON $ 115,001 FROM A MICHIGAN LOTTETY GAME, ON MY MICHIGAN STATE TAXES FORM DO I PUT THE TOTAL PRIZE WON OR JUST THE NET PAYMENT AMOUNT RECEIVED?
THANK YOU
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On my Michigan tax form that says deduction for lottery winnings. enter any installment payments you received from lottery prizes one honor before December 30th 1988 that you reported on your federal taxes.
You will enter the amount on your 1099-G, it should be the total prize amount. Since you just won the money, you did not begin receiving it prior to 1988. You took it as a lump sum, not a series of payments.
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