Florida lottery ticket hits $ billion jackpot, nets $ million

Florida lottery ticket hits $ billion jackpot, nets $ million tax on $1 million dollars lottery You can claim a tax deduction for money you contribute to a traditional IRA in the year you make contributions, saving you tax dollars But you' taxes on 1 million dollars lottery winnings Out of the $ million cash value, that would be about $ million you'll lose up front However, because you'd bumped into the top tax

taxes on 1 million dollars lottery winnings Federal lottery taxes are determined by the income bracket the winnings fall into Currently the two highest income brackets are taxed at 37%

tax on lottery winnings The federal government will take 24% off the top of lump sum winnings from a lottery jackpot Then it is the state's turn  income tax if the prize payment is includable in your federal adjusted gross income for the tax year If you are a resident of New York City or Yonkers, the