How To Play TN Lottery Games

does tennessee tax lottery winnings
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Tennessee, each worth $ million Since there is no income tax in Florida or Tennessee , the

Say you win a $10 million prize If you take the lump sum option, the entire sum is subject to income tax that year However, if you choose the annuity option, Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

slot limit The rule is this: you may be subject to withholding of 25% of your winnings for federal income tax purposes if the winnings minus the wager are Lottery winnings are considered taxable income for both federal and state taxes Federal tax rates vary based on your tax bracket, with rates up to 37% Winning