What Are the Tax Implications for Florida Lotto Winnings?

The 2023 Florida Statutes florida lottery tax It doesn't stop there — winning this jackpot would put the winner in the highest tax bracket, in which income is taxed at 37% So when the florida lottery midday pick 3 The Florida Lottery withholds 24% for federal taxes on winnings over $5,000 However, you might owe additional taxes depending on your income bracket

florida lottery cash 4 life Lottery winnings are taxed at a marginal rate of 35% to the winner or winners There can also be gift taxes associated with sharing the winnings