Florida(FL) Lotto Prize Analysis for Wed Nov 25, 2020
As legally required by the state of Florida, taxes are withheld on lottery winnings of $600.00 or more. For prizes over $5,000.00, US citizens and resident aliens with a social security number are subject to a 25% deduction to their prizes, which represents federal taxes. Luckily, lottery prizes are exempt from Florida state and local personal income taxes. For more information on taxes for lottery winnings in the state of Florida, click here.
- Choose Payment Option: The jackpot winner of Florida(FL) Lotto has 60 days to decide to take a one time lump sum cash payment or 26 graduated annual installments after the claim approval.
- Cash Option: Florida(FL) Lotto cash option is a single lump-sum payment in the amount required on the prize determination day to purchase securities to fund the Jackpot prize paid over 30 years. Our Florida(FL) Lotto jackpot analysis is going to use 50% of the jackpot amount as an example to calculate the tax liability and the amount of cash a single winner would win after tax deducted. See below table for detailed information of jackpot analysis for Florida(FL) Lotto cash option. Please note that the actual cash value of Lotto jackpot varies and will be announced by Official Florida Lottery.
- Annuity: If the winner chooses annuity in the amount of $15,500,000, the winner gets paid in 30 annual installments amounting to $516,666.67 yearly. The federal tax amounts to $129,166.67 yearly. The winner will receive, after paying all the taxes, $387,500.00 yearly.
The Florida(FL) Lotto prize analysis tells you how much you would get after state, local and federal tax withholdings.