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Understanding state tax laws regarding lottery winnings is equally important as federal taxes. Some states take a big share of lottery winnings, while others don't tax them in any respect. For example, states like Florida and Texas do not impose taxes on lottery winnings, making these locations very enticing for winners. Conversely, states like New York and New Jersey enforce hefty taxes, which may significantly diminish what's in the end acquired. Furthermore, the way in which during which a state conducts its taxation also can range |
