Taxes on Florida Lottery Winnings: What You Need to Know

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The prize money is subject to federal taxes Many states also tax lottery winnings, though Florida has no state income tax A Florida law

Lottery winnings and prizes are considered income by the IRS and are subject to federal and state income tax You'll owe taxes in the year The year you receive your lottery payout, you'll be subject to income tax on those earnings, which will be the full 37 percent, since you'll fall in the highest

plaster in linear slot diffuser Having a winning ticket from a state that won't tax your lottery winnings will allow you to avoid state taxes How much in taxes do I have to pay on Florida Lottery winnings? If it's more than $5,000 the IRS requires the Florida Lottery to withhold 24