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Your odds of winning the lottery may be slim, but if you DO hit the jackpot, you need to be prepared for the taxes that come with it. While you don't have to report lottery winnings of $600 or less, if you win more than $5,000, the government will hit you with a 25 percent federal withholding tax. However, California, Pennsylvania and states with no income tax (you go, New Hampshire), will not tax your lottery winnings. So before you spend all your winnings, remember that some of that cash belongs to Uncle Sam. Everybody, including the Internal Revenue Service, also will know that you're America's newest member of the 1%. The Internal Revenue Service automatically withholds 25% from large lottery payouts to cover some of the federal tax due.
The total tax bottom line on your $930 million windfall, should you choose the lump sum payout, is about $368.3 million, meaning you only get to pocket nearly $562 million. Of course, that $562 million assumes you, like me, live in one of the 7 states that have no income tax at all. But if you live in a state that does have an income tax, then you'll owe that tax collector money, too.
Of course, once you get your big Powerball check, your tax adviser will be there to help you figure all this out.
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Are You Lucky Enough To Live In One Of These 9 Countries Where You Wona€™t Pay A Cent Of Tax On Your Lottery Winnings? Whatever Happened To 2009 Mega Millions $75.6 Million Winner Joe Denette?Do You Really Have To Reveal Your Identity? Maureen and William McLean of Reserve Mines, Cape Breton Island won $1 million in Canada's 649 game.
Did you know many countries have compulsory government and personal taxes which eat up a huge amount of lottery player's winnings?
But are you living in one of the countries which have a tax on winnings - without knowing it? In the USA, taxes and a reduced prize through part payments, known as annuities, can take up to two thirds of your winnings from the advertised prizes. For example, if you win a $100,000 prize in the United States and choose a smaller lump sum payout, the lower payout - along with depreciation, withholding and personal taxes - means there could be as little as $33,000 left in your pocket. So, can you get around this problem and claim most of the prize for yourself if you don't live in these countries? Unfortunately there is little you can do about it, but don't let that stop you from playing! All original content copyright © 2016, Ken Silver, PO Box 22-183, 1 Ganges Rd, Khandallah, Wellington, NZ.
How much do you think Timothy Schell will have to pay out in taxes on his $50 Million Canada Lotto Max win? You’ll be shocked at how much of your winnings you lose to various agencies in many countries.

In the USA, taxes and a reduced prize through part payments - known as annuities - can take up to two thirds of your winnings from the advertised prizes.
For example, if you win an advertised $100,000 prize in the United States and choose a smaller lump sum payout, the lower payout, along with depreciation, withholding and personal taxes means there could be as little as $33,000 left in your pocket.
One of the main reasons for small payments is that some games show a lesser annuity payout amount in their jackpot figures.
Often these are annual payouts spread over 20 or 25 years, making up the large jackpot totals you see in many games. For example, the $640 million Mega Millions game drawn on 30 March 2012 gave a cash lump sum payout of $474 million to the winners. Win $400,000 or more for a single person or $450,000 for a couple and the tax rate jumps to, gulp, 39.6 percent. If you live in Arizona, you'll be slammed with a 5 percent tax on the prize, while nonresidents will have to dole out 6 percent [source: Ellis]. It's acknowledgment that my native Lone Star State has no income tax, so I won't have to shell out more tax money.
And Uncle Sam will make sure that you pay up, starting with your first payout if you take the annuity, or from your only big check if you opt for the lump sum. If you refuse to supply a valid tax identification number, then the amount that the IRS takes goes up to 28%. And most of them, like the IRS, get at least some of their money up front thanks to state withholding. I did shift in this blog post from talking about just me winning the Powerball to you winning. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content.
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For those states with no income tax on lottery winnings are the only taxes to worry about to setting aside for federal and local? Bankrate may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on certain links posted on this website. That's the total amount the winners get in instalments, and it’s taken over an extended period. Yes - move to a country with the tax-free option, or live there as Canada Lotto Max winner Tim Schell does.
It used to be 35 percent until the government almost went over the financial cliff in late 2012. Not only will I be at least $930 million richer (yes, I'm taking the lump sum), but I live in Texas. 14, doing my job and dreaming of winning the lottery the next time there's a really big jackpot.
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Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused. In other words what are the factors in calculating it to the final net value, say if you were to go with annuity? While these choices have the same statistical chance of winning the lottery jackpot as the usual random number choices, there are many more lottery players who choose these former patterns.
But, if on the off chance you do win millions in a lottery jackpot, keep in mind that the Internal Revenue Service will be looking for its fair share. Both the Powerball and the Mega Millions lotteries draw from large populations in many states. Many of these have sports, humor, or holiday themes, and are inexpensive (just like most lotteries) to play. Many Canadians who cross the border for less expensive gasoline may splurge on lottery tickets at gas stations. If they are truly lucky, they can claim their American lottery jackpots and subsequently also reclaim parts of their tax on lottery winnings. They may have purchased a winning ticket while in the US, but often forget to look up the subsequent lottery jackpot numbers after returning home. Lottery jackpot winners of $599.99 USD or less will receive the entire lottery jackpot amount. A $600 USD lottery win automatically will have $180 USD ($600 USD X 30% withholding tax) deducted from the lotto winnings. In order to receive a full American tax refund, you must have equal to or greater gambling losses than your lottery jackpot.
Gambling losses in the US (from taxable games) are deductible against your lottery winnings. For the vast majority of these people, the lottery win is larger than their same-year US gambling losses.
For example, if you have won $10,000 USD from a US lottery jackpot, $3000 USD (30% of $10,000 USD) will be automatically deducted as gambling winnings tax.
The IRS is entitled to take only 30% of your net gambling winnings [($10,000 USD - $2000 USD) X 30% = $2400 USD]. Since you were originally taxed $3000 USD, you will receive a refund of $600 USD ($3000 USD subtract $2400 USD). There is no need to claim US gambling losses against taxable lotto winnings in order to receive a tax refund. Gambling Refund Help You Recover Your IRS Taxed Lottery Winnings? Dealing with the IRS is notoriously difficult and complicated. Non-US residents attempting to reclaim their tax on lottery winnings face a few more obstacles that do not exist for US residents.

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