Florida Lottery Ticket Wins $ Billion, $ Million After Taxes

the IRS means the Internal Revenue Service Gambling winnings means and includes proceeds from a wager placed in a sweepstakes, wagering pool, or lottery (other

The lucky ticket holder can expect an automatic federal withholding of 24% and state withholding of 8%, but the final bill will be millions more

federal taxes on lottery winnings Federal tax Right off the bat, lottery agencies are required to withhold 24% from winnings of $5,000 or more, which goes to the federal

federal tax on lottery winnings In fact, lottery winnings are taxed, with the IRS taking up to 37% Curiously, though, only 24% is withheld and sent directly to the government