Here's the tax bill for the $875 million Powerball jackpot
Here's the tax bill for the $875 million Powerball jackpot
The good news for this winner — besides winning the lottery in the first place — is that Florida doesn't tax lottery winnings Most states do
While lottery winnings of $600 or less are not reported to the IRS, winnings in excess of $5,000 are subject to a 25 percent federal withholding For example, some states, like California and Florida, do not tax state lottery winnings, while others have higher tax rates The states Jackpot
lottery defeater reviews Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no The Florida Lottery withholds 24% for federal taxes on winnings over $5,000 However, you might owe additional taxes depending on your income bracket How to
