How Does Winning The Lottery Affect Your Florida Estate Planning?

florida tax on lottery winnings
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If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% If you didn't give the payer your tax ID number, the withholding

Florida Florida also does not tax lottery winnings, so your Mega Millions prize will only be subject to federal taxes Florida is also one of nine

florida lottery tax Taxes are deferred until payouts are received Winners choosing annuity payments often hedge their bets that tax rates will be lower in the future Investment

florida lottery lotto State Taxes: Florida does not impose a state income tax, so you will not owe any state income tax on your lottery winnings Additional