taxes

Reply #4

grwurston — Fri, 28 Mar 2025 00:31:45 GMT

https://www.mdlottery.com/winners/how-to-claim/#tax-information My state.

https://floridalottery.com/winning/guide#taxinformation The OP's state.

Just as a reminder, appropriate federal income taxes will be withheld regardless of which payment method you choose.

If you are a U.S. citizen or resident alien with a social security number, the IRS requires the Florida Lottery to withhold 24% federal withholding tax on prizes over $5,000. If you are a U.S. citizen and do not have a Soc... [ More ]

Reply #3

KY Floyd — Thu, 27 Mar 2025 22:14:11 GMT

Federal tax is 24%

No, the federal withholding is 24%. The actual tax will depend on on what marginal tax bracket(s) the prize money is in. If you're married and filing jointly and your taxable income would have been $90,000 about 75% of that will be taxed in the marginal bracket at 12%. If you add a gambling win of 5k it will all be taxed at 12%, and your tax bill will be reduced by $600 of the $1200 that was withheld. Of you win 10k you'll pay 12% on the first $6,950 and the remaining %30... [ More ]

Reply #2

dobalganero — Thu, 27 Mar 2025 17:37:06 GMT

thanks a lot, grwurston for your informative reply. Have a nice and good luck.

Reply #1

grwurston — Thu, 27 Mar 2025 09:10:11 GMT

Any prize over $600 on a single ticket is taxable no matter the game. You have to fill out a claim form and send or take to your local lottery office. Google your state lottery and the website will give you instructions on how to file a claim. Federal tax is 24%. The state tax varies from state to state. If you go on the home page and click on USA MEGA and then Jackpot Analysis for MM or PB it will tell you the fed and state tax amounts for each state depending on your filing status.

Good L... [ More ]

taxes

dobalganero — Thu, 27 Mar 2025 07:45:28 GMT

Hello, everyone:

Do taxes get skimmed off of what we get when we hit a small game like Pick 3 /Cash 3 / play 5/ pick 5, or is it just the big ones we pay taxes on?.

Thanks in advance for any clarification.

Best of luck to everyone.

Dobalganero