The IRS and Your Lottery Winnings
The IRS and Your Lottery Winnings
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The top federal tax rate is 37% for income over $500,000 The first thing that happens when you turn in that winning ticket is that the federal
The federal government requires Florida winners to deduct 24 percent from any winnings of more than $5,000 Winners of $5,000 or less aren't required to deduct The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes
amazons battle slot free The jackpot is also subject to federal taxes There's no state income tax in Florida The winning ticket was sold at a Publix supermarket in The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes
