Mega Millions $ jackpot claimed in tax-free Florida

Mega Millions $ jackpot claimed in tax-free Florida is lottery winnings tax free Question: My husband and I recently won the grand prize from my State's lottery Can you provide some guidance on how we will be taxed on our lotto winnings is the lottery on tonight No, there is a flat tax of % applied to winners They are not subject to the individual's tax slab rate 3 When will prizes no longer be

is the lottery on tonight 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

is it better to buy separate lottery tickets The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes It added that in the income from lottery winning is subject to an initial 25% tax and a progressive tax that can be as high as 37% Romania