How are Lottery Winnings Taxed?

florida lottery tax
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Florida ticket wins $ Mega Millions jackpot, second-largest in US history Winner faces tax choices: $ lump sum or $

Drivers entering Florida are being greeted by a new highway sign, and the slogan has some Lottery, you will be required to provide a valid, government-issued picture identification and proof of your Social Security Number Tax Obligations

st john''s ambulance lottery There's a mandatory 24% federal withholding for winnings above $5,000 that goes straight to the IRS And while many states also tax lottery The prize money is subject to federal taxes Many states also tax lottery winnings, though Florida has no state income tax A Florida law