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winning the lottery in new york

Topic closed. 5 replies. Last post 10 years ago by D235798.

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Hilton
United States
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March 1, 2007
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Posted: March 17, 2007, 2:00 am - IP Logged

I play the lottery in new york, i know your taxed on the winnings up front (state) not sure about federal? when you clain the prize what is that percentage and i know you pay at the end of the year (income) what would the percentage be, just playing around with some numbers on my computer to see when its best to select payments or cash

    LuckyLilly's avatar - savy chick.png

    United States
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    February 26, 2007
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    Posted: March 17, 2007, 11:30 am - IP Logged

    Hi and welcome, I'm new here too so can't post a link yet.  But click on the USA MEGA button on the left side of the page at the bottom of the Lottery Post Links box.  Then under MegaMillions, click on Jackpot Analysis and scroll to NY.  That'll tell ya what you need to know.  Good luck! 

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      NY
      United States
      Member #23835
      October 16, 2005
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      Posted: March 18, 2007, 5:33 am - IP Logged

      Better still, just assume that if you win a big jackpot you'll be paying the maximum tax rate on most of it. For federal that's 35% and for NY it's almost 7%. Once April 15th rolls around you can figure that you'll get to keep a hair over 58% of the gross. The part that isn't taxed at the maximum rate could mean about an extra  30 grand or so. Over a 25 year annuity payout that adds up.

        LuckyLilly's avatar - savy chick.png

        United States
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        Posted: March 18, 2007, 1:50 pm - IP Logged

        And don't forget the extra 4.45% if you live in NYC and .385% for Yonkers.  Scared

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          NY
          United States
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          October 16, 2005
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          Posted: March 19, 2007, 3:04 am - IP Logged

          A long time ago, one of NY's first really big lotto winners got $20 million, paid out at $1 million per year. He said it wasn't going to change him and he was going to just stay where he was and grow tomatoes in his back yard. Unfortunately for him, his back yard was in the Bronx. The reason I remember it is because at the time I figured it was going to cost him an extra $40,000 a year to stay in the Bronx instead of moving a few miles north to Westchester.

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            Hilton
            United States
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            March 1, 2007
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            Posted: March 22, 2007, 7:43 am - IP Logged

            i just want to thank those who responded to this post, i knew of the 35% taxes but was wondering what the year end taxes were for both state and federal, guess i'll figure it out one of these days