How Does Winning The Lottery Affect Your Florida Estate Planning?

How Does Winning The Lottery Affect Your Florida Estate Planning? florida tax on lottery winnings Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no florida lottery mobile app Regardless of which option the player takes, the IRS takes a minimum 24% federal withholding tax upfront on lottery winnings That's a big chunk

florida lottery mobile app 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 lottery cash4life A Publix grocery store in Neptune Beach sold the winning ticket, according to the Florida lottery Many states also tax lottery winnings A Gambling winnings must be reported as taxable income · Gambling losses may be deducted as an itemized deduction · Losses cannot exceed winnings