|Posted: May 31, 2012, 8:53 am - IP Logged|
RedStang has excellent suggestion. If you save $1,000 in losing lottery tickets (of any type), if you itemize deductions, you can deduct make that deduction of $1,000. You cannot "deduct" more than you have won (even though we all lose more than we win). That should help.
If you don't itemize -- then 28% is just about right.
Congrats on your win!