Florida lottery ticket hits $ billion jackpot, nets $ million

The lottery will collect and remit the income tax for the IRS, on the winner's behalf, very much like how your employer does when you get your

Lottery Association However, the windfall shrinks dramatically after the IRS collects its share of the prize, and state taxes could further

irs lottery tax Hey Preston, Winners are not double-taxed on lottery winnings By law, we are required to withhold 24% federal and % state taxes on prizes

irs tax on lottery winnings 2 If you receive a certain amount of gambling winnings or if you have any winnings subject to federal tax withholding, the payer is required to issue