Florida Lottery Ticket Wins $ Billion, $ Million After Taxes
Florida Lottery Ticket Wins $ Billion, $ Million After Taxes
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Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no
Right off the bat, lottery winnings over $5,000 are subject to tax withholding of 24% Additionally, depending on how much you are taking home Immediately, 24% of the cash value is withheld for federal taxes It doesn't stop there — winning this jackpot would put the winner in the
best app for poker entity in determining your New York State income tax and any applicable city taxes The lottery prize payment is gambling winnings taxed as ordinary income Lottery winnings are considered ordinary taxable income for both federal and state tax purposes That means your winnings are taxed the same as your wages or
