Florida lottery ticket hits $ billion jackpot, nets $ million

Before you see a dollar of lottery winnings, the IRS will take 25% Up to an additional 13% could be withheld in state and local taxes,

The benefit of the basic exemption limit and income tax slab rate is also not applicable to this income The entire amount received will be

irsh lottery Those who participate may receive a W-2G form from their app of choice to file winnings with the IRS Businesses that deal with legal gambling

irs tax on lottery winnings With a large jackpot, if the winner opted for the lump sum cash value, they would be subject to federal income tax at the top tax rate, which is 37% (So after