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The taxes withheld from Florida lottery winnings is 25 percent as required by the IRS. This only applies to winnings over the amount of $5000.

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What is the statute of limitations on real property taxes in state of Florida?

In Florida, the statute of limitations on real property taxes is 4 years from the date the taxes became due. After this period, the county cannot take legal action to collect the unpaid taxes.


Taxes on lottery winnings in the state of Minnesota?

In Minnesota, lottery winnings are subject to federal income tax but not state income tax. However, other taxes such as federal gift tax may apply depending on the circumstances. It's advisable to consult with a tax professional to determine the specific tax implications of lottery winnings in your situation.


How much taxes are taken if you win a 34 million dollar lottery in Illinois?

Lottery winnings in Illinois are subject to a state income tax rate of 4.95%, and federal tax can range from 24% to 37%, depending on your total income. Additionally, there may be other local taxes to consider. It is recommended to consult with a tax professional to determine the exact amount of taxes owed.


Can losing lottery tickets be a tax write-off?

Oh, dude, losing lottery tickets being a tax write-off? That's a good one! Unfortunately, losing lottery tickets are not deductible on your taxes. You can't claim them as a gambling loss unless you have actual proof of purchase and winnings. So, like, keep track of those winners, but don't count on the losers to save you come tax time.


Can you return your lottery ticket for a refund?

No, lottery tickets are non-refundable. Once purchased, they cannot be returned or exchanged. It's important to carefully consider your purchase before buying a lottery ticket.

Related Questions

If I am 69 years old and disabled do I have to pay taxes on the money I won from the Florida lottery?

Not it it's less then 600.00


When was Florida Lottery created?

Florida Lottery was created in 1988.


When do you have to pay taxes on lottery winnings?

You have to pay taxes on lottery winnings when you receive the prize, whether it's in a lump sum or through installments.


What are the taxes on 800000 dollars?

What are the taxes on an 800,000 lottery win in the state of MS


What does the government do with the taxes from lottery winnings?

Taxes on lottery (or gambing, etc) winnings are the same as any other ordinary income in both amount and use.


Does a veteran have to pay taxes on $50,000 lottery winings?

If you don't want to be sued for tax evasion, even as a veteran, you would have to pay taxes on $50,000 in lottery winnings.


What are the Florida lottery prime numbers?

9321898


Where are the best Florida lottery scratch off tickets?

There is no certain place that is better than the other. They are all the same. ( lifetime lottery player)


What were the winning numbers for the Florida Lottery game on August 29 2009?

what were the winning numbers for Florida Lottery " lotto" game, on auguest 29, 2009


Do you pay state and federal taxs on MD lottery?

do I have to pay State and Federal taxes on Md. lottery winnings


Where can one find the winning Florida Lottery numbers?

If in search of past Illinois lottery winning numbers, you can check you local stores. If one is unable to do that or would rather not go out you can also find them by going to the illinoislottery website.


Can you participate in the British Lottery from Florida?

I don't think you can participate. But any place near you could. Maybe you should try entering the Lottery from Florida. It's going to be easier. If not don't enter a Lottery at all.