The lottery office told me they deduct 25% in taxes and then told me to
Contact the IRS for further information. What is there more taxes to be paid. I am just curious.

See example: "lotter winner after 25 percent in taxes is deducted from
about $22.3 million he won, he will take home $16.7 million"


Do you think that's it, like the newspaper states. Or is there most taxes?

Generally, what the lottery agencies do is WITHHOLD taxes, not deduct them. Unless the state lottery law specifies a different tax rate for lottery winnings, then the winnings are added to your income for the year and the withheld amounts are applied towards your tax liability, just like the amounts withheld from your paycheck.

For them to tell you to contact the IRS seems to indicate that this was federal withholding.

Quote:

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Originally Posted by Oneill474

the lottery office told me they deduct 25% in taxes and then told me to
contact the IRS for further information. what is there more taxes to be paid. I am just curious.

see example: "lotter winner after 25 percent in taxes is deducted from
about $22.3 million he won, he will take home $16.7 million"


Do you think that's it, like the newspaper states. or is there most taxes?

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There is no income tax in Florida. As such amount withheld is for federal tax purposes. You must file a federal return and report earning from the lottery.

Quote:

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Originally Posted by Oneill474

the lottery office told me they deduct 25% in taxes and then told me to
contact the IRS for further information. what is there more taxes to be paid. I am just curious.

see example: "lotter winner after 25 percent in taxes is deducted from
about $22.3 million he won, he will take home $16.7 million"


Do you think that's it, like the newspaper states. or is there most taxes?

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I wonder how they assume"he will take home $16.7 million" the lotter money
Is being comingle with his regular income. Which they have no way of knowing?

Most lottery players are probably not earning huge sums. So, their wage earnings are not going to seriously impact the net of the winnings. For example, in the example you gave, lets say the person earned $100K. Do you think the taxes on $22.4 million will be vastly different from $22.3 million?