Taxes on Prize Winnings and More!

Taxes on Prize Winnings and More! florida tax on lottery winnings Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by the IRS and most state governments The florida lottery archives The prize money is subject to federal taxes Many states also tax lottery winnings, though Florida has no state income tax A Florida law

florida lottery archives States with no state income tax, like Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming do not tax lottery winnings Other states like

florida lottery jackpot 3 Some states do not tax lottery winnings at all These states include California, Delaware, Florida, New Hampshire, South Dakota, Tennessee, While lottery winnings of $600 or less are not reported to the IRS, winnings in excess of $5,000 are subject to a 25 percent federal withholding