Raleigh, NC-- Who wouldn't want to win the lottery and not have to pay taxes on the money won. Starting Tuesday, April 3, the NC Education Lottery will start three new Taxes Paid instant games that give players the chance to win top prizes up to $100,000 with the initial taxes already paid. The lottery will pay the minimum mandatory required federal and state tax withholding as part of the top prizes awarded for each of the three instant games.
The game starts with more than $8.2 million in total prizes, including more than 106,000 prizes between $20 and $100.
Players could also win one of more than 102,000 prizes between $10 and $35, or scratch and reveal a "coin" symbol to win the prize shown instantly. For example, a "money bags" symbol wins double the prize shown and a "money stack" wins $50 instantly.


At the time of publication, for bingo or slot machines the minimum is $1,200, for Keno the minimum is $1,500, and for poker or card games the minimum is $5,000. For example, if you won $5,500 but had to buy in a poker game for $1,000, then you would not be subject to the minimum. Similar to gifts, if you win a non-cash item such as a car, you must report the value of the car as earnings.
For example, if you win a new $20,000 car, you will owe $5,000 in taxes on that vehicle to the federal government. For example, Iowa requires a 5 percent tax rate on winnings in addition to the federal rate. However, you should check your local state department of revenue for more information on its rate.


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