Florida Lottery Ticket Wins $ Billion, $ Million After Taxes

irs tax on lottery winnings
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When you win the lottery, the winnings are taxable income, and you must pay federal and state taxes You may be subject to the highest tax bracket depending on

The same is true at the state level While lottery winnings are subject to state income tax in most states, withholding tax varies from zero (

irs lottery tax Since the tax withholding rate on lottery winnings is only 24%, some lottery winners do not plan ahead, and can have trouble paying their taxes

irsh lottery Lottery winnings are subject to federal and sometimes state taxes If you win big, plan for the taxes ahead of time Updated May 24, 2024