What Winners Need to Know About Florida Taxes on Lottery Prizes

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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

Florida - no state taxes for lottery prizes; Georgia - %; Idaho - %; Illinois - %; Indiana - %; Iowa - %; Kansas There's a mandatory 24% federal withholding for winnings above $5,000 that goes straight to the IRS And while many states also tax lottery

dessin tatouage carte poker For federal purposes, report your total winnings on your Form 1040 Schedule 1 and report all your losses (cost of buying all your tickets for the taxable The lottery winnings are taxable income in the state where you bought the ticket The taxes you pay to that state on the winnings are eligible