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But under federal law, such gifts may be taxable The current gift tax laws only exempt gifts of up to $15,000 per recipient each year, except

The prize money is subject to federal taxes Many states also tax lottery winnings A potentially record-shattering jackpot is on the line

florida lottery play 4 numbers 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

florida lottery winning numbers florida lottery winning numbers Federal taxes are the same for everyone Winnings are taxed 24% upfront, although the total tax bill will almost certainly be 37% when you