Florida mother furious after state snatched her lottery winnings when

Generally, lottery winnings are treated as an annuity for estate tax The valuation of the annuity is made using the interest rates

Florida mother furious after state snatched her lottery winnings when 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

Generally, lottery winnings are treated as an annuity for estate tax The valuation of the annuity is made using the interest rates

taxes on $5 Before getting your winnings, you'd have to pay a 24% tax withholding, which the IRS requires for winnings over $5,000, CNBC explains Out

Notably, Florida is among the 14 states that don't levy taxes on lottery winnings, which provides a silver lining for the newfound billionaire

taxes for lottery winnings The year you receive your lottery payout, you'll be subject to income tax on those earnings, which will be the full 37 percent, since you'll fall in the highest

Florida is another state that does not tax lottery winnings Individuals who win the lottery in Florida are not required to pay state taxes on their winnings