The Best and Worst States to Pay Taxes on Lottery Winnings

lottery taxes in florida   Dan lottery sambad 27 1 24

Florida No income tax ; Georgia % ; Hawaii No lottery ; Idaho % ; Illinois %

Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax However, lottery winnings may be taxed up to 37% so you may have to come up with the extra 13% on your own when the time comes Talk to your tax

poker chips simulator In that case, all of it is taxed at 37% This can be calculated using a tax calculator Lottery winnings are combined with the rest of your taxable income for 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