Florida Scratch Off Taxes

Reply #3

skeptic — Wed, 24 Oct 2012 22:03:26 GMT

Dear Ed

Thank you for writing the Florida Lottery. In response to your email, please note that applicable taxes are taken first. Scratch-Off games with annual prize options, if the Cash Option payment is not already predetermined, will reflect the cash value, which is the amount required on the day the winner claims their prize to fund the applicable prize paid over 20 years.

SO THERE YOu HAVE IT DUCKMAN

Reply #2

duckman — Wed, 24 Oct 2012 14:51:37 GMT

For some games the single cash payment amount is based on the current value that if invested would yeild the prize amount if paid over x number of years. That amount can change often. Some games will pay out a preset amount. Some games will pay out the stated amount straight away, depends on the game rules.

Reply #1

bigboy90000 — Wed, 24 Oct 2012 14:28:19 GMT

Isn't one of the winners from Alabama

Florida Scratch Off Taxes

skeptic — Wed, 24 Oct 2012 14:18:47 GMT

I thought 25% was taken off the top and the balance paid in one lump sum - look at these recent $1M winners posted on the Fl Lottey site - why is the take home amount different ? What am I missing here .....?

$1M won on Spectacular - $818,854 lump sum paid out

$1M won on Millionare - $825,451 lump sum paid out

$1M won on 50X ---------$800,00 lump sum paid out