Tallying Up the Taxes on Lottery Winnings - TurboTax

florida lottery taxes   Dan florida lottery archives

The top federal tax rate is 37% for income over $500,000 When it comes to lottery prizes, the first thing that happens after you turn in that

Florida also doesn't have an inheritance or estate tax The big picture: Income tax: 0 percent There is no personal income tax at the Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

red hot poker plants bunnings Lump sum option in Florida If you take a lump sum option, the cash option is $ million There is a 24% federal tax on the winnings — Florida: No state tax on lottery prizes Your average net per year: $1,175,812, Your net payout: $16,358,812 After 30 payments: $35,274,360 Annuity Payment