Texas Lottery Scratch Off
2021年6月1日Register here: http://gg.gg/utb4i
*Texas Lottery Scratch Off List
*Texas Lottery Scratch Off Odds
*Texas Scratch Off Tickets Remaining Prizes
*Texas Lottery Scratch Off Games
*Texas Lottery Scratch Off Checker
*Texas Lottery Scratch Off Christmas
Buy scratch tickets from stores with fewer customers. Every new roll of lottery scratch off tickets is. Texas Welcome to the Scratch Off Odds Lottery Analyzer for Texas! Here you’ll find an overview of the best (and worst) scratch off tickets. The best tickets to buy typically have a larger percentage of top prizes remaining compared to how many tickets are still in circulation.
Florida Lottery Scratch-Off game top prizes are limited. Click the game name for information about other valuable cash prizes available to be won in these Scratch-Off games.Game NumberGame NameTop PrizeTop Prizes RemainingTicket CostTop Prize Winners & Retailer Information5019 $500,000.001 of 6 $5.00Winner Report5018 $30,000.006 of 12 $2.00Winner Report5017 $30,000.002 of 8 $2.00Winner Report5016 $30,000.002 of 16 $2.00Winner Report5015 $30,000.002 of 20 $2.00Winner Report5014 $30,000.005 of 16 $2.00Winner Report1481 $2,000,000.008 of 8*$10.00Winner Report1480 $1,000,000.0022 of 24*$5.00Winner Report1479 $100,000.0036 of 36*$2.00Winner Report1478 $10,000.0098 of 100 $1.00Winner Report1477 $2,000,000.007 of 8*$10.00Winner Report1476 $30,000.0014 of 16*$2.00Winner Report1475 $30,000.006 of 12 $2.00Winner Report1474 $500.001,532 of 19,951 $10.00Winner Report1473 $1,000,000.003 of 4 $5.00Winner Report1472 $50,000.004 of 8 $2.00Winner Report1471 $10,000.0016 of 36 $1.00Winner Report1470 $5,000,000.007 of 10*$20.00Winner Report1470 $1,000,000.0010 of 20*$20.00Winner Report1469 $2,000,000.008 of 10*$10.00Winner Report1468 $1,000,000.005 of 10 $5.00Winner Report1467 $100,000.0013 of 20 $2.00Winner Report1466 $10,000.0049 of 80 $1.00Winner Report1465 $1,000,000.000 of 4 $5.00Winner Report1464 $150,000.008 of 15 $3.00Winner Report1463 $10,000.0011 of 20 $1.00Winner Report1462 $2,000,000.002 of 4 $10.00Winner Report1461 $1,000,000.003 of 8 $5.00Winner Report1460 $100,000.004 of 10 $2.00Winner Report1459 $10,000.0020 of 50 $1.00Winner Report1458 $500,000.008 of 14 $5.00Winner Report1457 $5,000,000.006 of 8 $20.00Winner Report1457 $1,000,000.0019 of 24 $20.00Winner Report1455 $10,000.004 of 34 $1.00Winner Report1454 $500.00142,485 of 444,390 $10.00Winner Report1453 $500,000.000 of 6 $5.00Winner Report1452 $50,000.001 of 6 $2.00Winner Report1450 $1,000,000.0075 of 155 $30.00Winner Report1448 $50,000.001 of 12 $2.00Winner Report1447 $10,000.0010 of 40 $1.00Winner Report1446 $2,000,000.001 of 8 $10.00Winner Report1445 $1,000,000.001 of 12 $5.00Winner Report1444 $100,000.003 of 20 $2.00Winner Report1443 $10,000.0020 of 100 $1.00Winner Report1441 $30,000.004 of 15 $2.00Winner Report1440 $30,000.001 of 16 $2.00Winner Report1439 $3,000.008 of 75 $1.00Winner Report1438 $2,000,000.001 of 3*$10.00Winner Report1437 $1,000,000.004 of 9*$5.00Winner Report1436 $50,000.003 of 9*$2.00Winner Report1434 $5,000,000.005 of 12*$20.00Winner Report1434 $1,000,000.0018 of 40*$20.00Winner Report1432 $30,000.000 of 20 $2.00Winner Report1431 $5,000.0023 of 75 $1.00Winner Report1428 $3,000.0010 of 75 $1.00Winner Report1427 $2,000,000.001 of 10 $10.00Winner Report1423 $500.00/Week for Life0 of 6 $1.00Winner Report1421 $150,000.002 of 8*$3.00Winner Report1420 $50,000.001 of 10 $2.00Winner Report1419 $1,000.00171 of 420 $1.00Winner Report1418 $500.00446 of 56,303*$10.00Winner Report1416 $3,000.0027 of 84 $1.00Winner Report1415 $15,000,000.001 of 6 $30.00Winner Report1415 $1,000,000.000 of 24 $30.00Winner Report1413 $30,000.001 of 10 $2.00Winner Report1412 $1,000.00129 of 420 $1.00Winner Report1410 $1,000,000.002 of 32 $5.00Winner Report1409 $50,000.002 of 72 $2.00Winner Report1408 $10,000.005 of 100 $1.00Winner Report1407 $5,000,000.003 of 9*$20.00Winner Report1407 $1,000,000.0015 of 45*$20.00Winner Report1404 $5,000.0021 of 84 $1.00Winner Report1403 $30,000.005 of 30*$2.00Winner Report1398 $5,000,000.001 of 6 $20.00Winner Report1398 $1,000,000.001 of 20 $20.00Winner Report1396 $20,000.002 of 30 $2.00Winner Report1395 $5,000.0028 of 84 $1.00Winner Report1393 $50,000.001 of 40 $3.00Winner Report1391 $2,000,000.001 of 8 $10.00Winner Report1389 $50,000.001 of 20 $2.00Winner Report1388 $10,000.0044 of 136 $1.00Winner Report1382 $1,000,000.001 of 6 $5.00Winner Report1381 $30,000.001 of 26 $2.00Winner Report1377 $30,000.001 of 30 $2.00Winner Report1372 $10,000.007 of 100 $1.00Winner Report1371 $50,000.002 of 40 $3.00Winner Report1364 $250,000.003 of 16 $5.00Winner Report1363 $50,000.002 of 8 $3.00Winner Report1361 $20,000.005 of 30 $2.00Winner Report1357 $30,000.002 of 10 $2.00Winner Report1349 $250,000.002 of 16 $5.00Winner Report1341 $250,000.003 of 16 $5.00Winner Report1338 $250,000.002 of 16 $5.00Winner Report1331 $250,000.001 of 12 $5.00Winner Report1302 $250,000.004 of 20*$5.00Winner Report1298 $500,000.004 of 24*$5.00Winner Report1297 $50,000.0011 of 40*$2.00Winner Report1259 $50,000.005 of 80*$2.00Winner Report1048 $200,000.00/Year0 of 10*$20.00Winner Report1048 $50,000.00/Year3 of 10*$20.00Winner ReportTexas Lottery Scratch Off List
*Denotes games that have been reordered or have been delivered to the Florida Lottery in more than one shipment.
Note: Games may be reordered, and top prizes may increase proportionally.
Prizes, including the top prizes, may be unavailable at time of ticket purchase due to prior sale or other causes occurring in the normal course of business.Editorial Note: Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our marketing partners don’t review, approve or endorse our editorial content. It’s accurate to the best of our knowledge when posted. Availability of products, features and discounts may vary by state or territory. Read our Editorial Guidelines to learn more about our team.Advertiser Disclosure
We think it’s important for you to understand how we make money. It’s pretty simple, actually. The offers for financial products you see on our platform come from companies who pay us. The money we make helps us give you access to free credit scores and reports and helps us create our other great tools and educational materials.
Compensation may factor into how and where products appear on our platform (and in what order). But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you. That’s why we provide features like your Approval Odds and savings estimates.
Of course, the offers on our platform don’t represent all financial products out there, but our goal is to show you as many great options as we can.
This article was fact-checked by our editors and Christina Taylor, MBA, senior manager of tax operations for Credit Karma Tax®. Free australian poker machines.Hit it big playing the lottery? You’re probably thinking about how you’ll spend all that sweet cash. But first, Uncle Sam is going to want his cut.
The Internal Revenue Service considers lottery money as gambling winnings, which are taxed as ordinary income. The total amount of tax you pay on your lottery winnings will depend on multiple factors, including the state where you live and whether you take the winnings as a lump-sum payment (one check for the full amount after taxes have been withheld) or an annuity (smaller annual payments that are paid out and taxed over time).
Although you probably won’t be able to completely escape the tax man, you may be able to offset taxes on lottery winnings by claiming deductions you qualify for. Here are some things to know about paying federal income taxes on lottery winnings. Keep in mind tax rules may vary for state and local income taxes, so for the purposes of this article, we’re talking about federal income taxes only.Credit Karma Tax® can calculate tax on gambling income Learn More Do I have to pay taxes on lottery winnings?
The IRS considers most types of income taxable, unless the tax code specifically says it’s not. Because lottery winnings are considered gambling winnings, which are definitely considered taxable income, the IRS will want its cut.
For lottery winnings, that means one of two things.
*You’ll either pay taxes on all the winnings in the year you receive the money — for winnings paid out as a lump-sum payment.
*Or you’ll pay taxes only on the amount you receive each year — for winnings paid as an annuity.
Take note: If you receive interest on annuity installments that haven’t been paid to you yet, that interest must be included in your gross income for the tax year you received it.How will the IRS know about my lottery winnings?
If your winnings are $600 or more, the lottery agency is supposed to give you a Form W-2G that you’ll have to file with your federal income tax return if the agency withheld federal income tax from your winnings.
The lottery agency is also required to send a copy of this form to the IRS if your winnings are $600 or more, so it’s important to accurately report your winnings on your federal tax return.
And even if you don’t receive a W-2G for your lottery winnings (or other type of gambling payouts), you’re still expected to report those winnings as income on your federal tax return.How could winning the lottery affect my taxes overall?
Getting a huge financial windfall can be life-changing, but it doesn’t change everything — you’ll still have to pay taxes and bills. Federal and state taxes can decrease the amount of money you ultimately receive, so it’s crucial to understand taxes on lottery winnings when you strike it big.
Whether you’re all-in on your prize money and accept it as a lump sum or you’re receiving payments over time, winning the lottery generally increases your income. Taxes are calculated based on your taxable income for the year, so if the extra income from lottery winnings moves you into a higher tax bracket, you’ll typically end up paying more income tax.
If you fail to report taxable income (including lottery winnings) on your tax return, you could owe additional tax, interest and even penalties.Credit Karma Tax® can calculate tax on gambling income Learn More What is the tax rate for lottery winnings?
Depending on where you live, you may need to pay taxes on lottery winnings to your state and local governments in addition to the federal government.Federal tax
Right off the bat, lottery agencies are required to withhold 24% from winnings of $5,000 or more, which goes to the federal government. But, depending on whether your winnings affect your tax bracket, there could potentially be a gap between the mandatory withholding amount and what you’ll ultimately owe the IRS.
Even if your lottery winnings don’t boost your tax bracket, if the federal government withheld too much tax on your lottery winnings, you might get a refund at tax time.State and local tax
Each state has its own rules on taxing lottery winnings, so check both your state’s tax website and your city’s tax website for information. For example, if you live and win in New York City, the state government will withhold 8.82% and the city will withhold another 3.876% — on top of your base federal withholding of 24%.
Seven states — Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming — don’t have income tax, so big winners in those states won’t pay state taxes on prize money. Some other states don’t have a state lottery at all.
And three more states — California, New Hampshire and Tennessee — exclude their state lottery winnings from taxable income. But before you play the lottery in a different state, check the rules so that you know whether any taxes will apply to your winnings.Should I take a lump sum or annuity payments?
Whether you get to choose between a lump sum or annual installments for your lottery payout can depend on different factors, like state lottery rules and how much you won. Either way, here’s how the two payout types will affect your federal income taxes.
Lump-sum impact
Receiving your winnings as a single lump sum could potentially bump you right into the highest bracket for the tax year in which you win the lottery. That would mean if you win a very large amount, your income over a set threshold ($518,401 for single taxpayers and $622,051 for married couples filing jointly, for 2020) would be taxed by the IRS at 37%.
“If you decide to have a lump sum payment, that would probably put you in the higher tax bracket for that one year,” says Megan McManus, CPA and owner at Megan McManus, CPA.
For example, if you’re single and your current taxable income is $40,000, a $1 million lottery payout, taken in a lump sum, would increase your total income to $1,040,000 for the tax year. At the federal level, the portion of your income over $518,401 would be taxed at 37%. But all the lower tax rates would also apply to portions of your income less than that threshold. Here’s what you’d pay (rounded to the nearest dollar).
*10% on income up to $9,700 = $970
*12% on the next $29,775 = $3,573
*22% on the next $44,725 = $9,839
*24% on the next $76,525 = $18,366
*32% on the next $43,375 = $13,880
*35% on the next $306,200 = $107,170
*37% on the last $529,700 = $195,989
If you add all that up, your total federal income tax obligation for the year would be $349,787.Annual payments impact
Depending on your income, receiving annual payments will also likely affect your tax bracket — but the immediate financial impact could be less.
“The annuity payments would probably allow you to be in a lower tax bracket each year,” McManus says.
Let’s look at the above scenario with the same amount of lottery winnings broken out into 30 annual payments of about $33,333.
With the annuity approach, your taxable income would increase to just $73,333 in the year you won the lottery (assuming other factors like a wage increase didn’t boost your taxable income). The highest federal tax rate that would apply to your income would be just 22%. Here’s what you’d pay (rounded to the nearest dollar).
*10% on up to $9,700 = $970
*12% on the next $29,775 = $3,573
*22% on the remaining $33,858 = $7,449
Your total federal income tax obligation for the year in which you win would be just $11,992.
Learn more about the marginal tax rate and what it means for your winnings.How can I offset federal taxes on lottery winnings?Texas Lottery Scratch Off Odds
If you’ve won the lottery, the IRS expects you to report it as income on your tax return. And Uncle Sam is going to want his share whether you receive your winnings as a lump sum or annual payments. But there are ways to try to offset the increased tax obligation your lottery winnings will cause.Claim deductions
Deductions are dollar amounts the IRS allows you to subtract from your adjusted gross income, or AGI, if you meet the requirements. This lowers your taxable income, which in turn can reduce your tax obligation. Here are two possible deductions (if you itemize).
*Charitable donations — You may be able to deduct the value of your charitable contributions from your income as long as the organization is a qualified tax-exempt organization — but certain conditions and limits apply. For example, you can only deduct cash donations that are equal to no more than 60% of your AGI.
*Gambling losses — You can deduct your gambling losses (like the cost of lottery tickets that you didn’t win on) as long as they don’t exceed the winnings you report as income. For example, if you report $1,000 in winnings but you have $2,000 in losses, you can only deduct $1,000.Play the lottery in a pool
If you join a pool with others to buy lottery tickets, then any potential lottery prizes will be smaller because you’re sharing it — but your tax hit will be smaller, too.
“You’ll only be taxed on your portion of the income,” McManus says, “so if you receive a third of the winnings, you would only pay tax on that third.”
To make sure you’re taxed correctly, document how much of the winnings go to each person in your group. Ask the lottery agency to cut checks for each person in the pool instead of having one person collect and distribute the winnings. This may help ensure you only pay taxes on the amount you actually receive.What’s next
Winning the lottery could change your life by giving you a certain level of financial freedom. But before claiming your prize, consider speaking with a financial or tax adviser who can help you understand the potential tax impact of your winnings and plan the best way to manage your windfall.
Consider how you plan to use the money. Free spins slots.
“If you want to buy a house or put your kids through college, you might need the funds now, as opposed to taking annual payments,” McManus says.Texas Scratch Off Tickets Remaining Prizes
But if your objective is to ensure a steady stream of income, annual payments may be more appealing to you.
Whether you receive your lottery winnings as a lump sum or annual payments though, you’ll still have to pay the federal government — and possibly your state and local government — their share of your winnings. So it’s important to have a plan for how to best save, invest and grow the winnings you’ll keep.Credit Karma Tax® can calculate tax on gambling income Learn More Texas Lottery Scratch Off Games
Relevant sources: Topic No. 419 Gambling Income and Losses | IRS: Publication 538 | New York Lottery General Rules | IRS: Pay As You Go, So You Won’t OweTexas Lottery Scratch Off Checker
Christina Taylor is senior manager of tax operations for Credit Karma Tax®. She has more than a dozen years of experience in tax, accounting and business operations. Christina founded her own accounting consultancy and managed it for more than six years. She codeveloped an online DIY tax-preparation product, serving as chief operating officer for seven years. She is the current treasurer of the National Association of Computerized Tax Processors and holds a bachelor’s degree in business administration/accounting from Baker College and an MBA from Meredith College. You can find her on LinkedIn.Texas Lottery Scratch Off ChristmasRelated Articles
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*Texas Lottery Scratch Off List
*Texas Lottery Scratch Off Odds
*Texas Scratch Off Tickets Remaining Prizes
*Texas Lottery Scratch Off Games
*Texas Lottery Scratch Off Checker
*Texas Lottery Scratch Off Christmas
Buy scratch tickets from stores with fewer customers. Every new roll of lottery scratch off tickets is. Texas Welcome to the Scratch Off Odds Lottery Analyzer for Texas! Here you’ll find an overview of the best (and worst) scratch off tickets. The best tickets to buy typically have a larger percentage of top prizes remaining compared to how many tickets are still in circulation.
Florida Lottery Scratch-Off game top prizes are limited. Click the game name for information about other valuable cash prizes available to be won in these Scratch-Off games.Game NumberGame NameTop PrizeTop Prizes RemainingTicket CostTop Prize Winners & Retailer Information5019 $500,000.001 of 6 $5.00Winner Report5018 $30,000.006 of 12 $2.00Winner Report5017 $30,000.002 of 8 $2.00Winner Report5016 $30,000.002 of 16 $2.00Winner Report5015 $30,000.002 of 20 $2.00Winner Report5014 $30,000.005 of 16 $2.00Winner Report1481 $2,000,000.008 of 8*$10.00Winner Report1480 $1,000,000.0022 of 24*$5.00Winner Report1479 $100,000.0036 of 36*$2.00Winner Report1478 $10,000.0098 of 100 $1.00Winner Report1477 $2,000,000.007 of 8*$10.00Winner Report1476 $30,000.0014 of 16*$2.00Winner Report1475 $30,000.006 of 12 $2.00Winner Report1474 $500.001,532 of 19,951 $10.00Winner Report1473 $1,000,000.003 of 4 $5.00Winner Report1472 $50,000.004 of 8 $2.00Winner Report1471 $10,000.0016 of 36 $1.00Winner Report1470 $5,000,000.007 of 10*$20.00Winner Report1470 $1,000,000.0010 of 20*$20.00Winner Report1469 $2,000,000.008 of 10*$10.00Winner Report1468 $1,000,000.005 of 10 $5.00Winner Report1467 $100,000.0013 of 20 $2.00Winner Report1466 $10,000.0049 of 80 $1.00Winner Report1465 $1,000,000.000 of 4 $5.00Winner Report1464 $150,000.008 of 15 $3.00Winner Report1463 $10,000.0011 of 20 $1.00Winner Report1462 $2,000,000.002 of 4 $10.00Winner Report1461 $1,000,000.003 of 8 $5.00Winner Report1460 $100,000.004 of 10 $2.00Winner Report1459 $10,000.0020 of 50 $1.00Winner Report1458 $500,000.008 of 14 $5.00Winner Report1457 $5,000,000.006 of 8 $20.00Winner Report1457 $1,000,000.0019 of 24 $20.00Winner Report1455 $10,000.004 of 34 $1.00Winner Report1454 $500.00142,485 of 444,390 $10.00Winner Report1453 $500,000.000 of 6 $5.00Winner Report1452 $50,000.001 of 6 $2.00Winner Report1450 $1,000,000.0075 of 155 $30.00Winner Report1448 $50,000.001 of 12 $2.00Winner Report1447 $10,000.0010 of 40 $1.00Winner Report1446 $2,000,000.001 of 8 $10.00Winner Report1445 $1,000,000.001 of 12 $5.00Winner Report1444 $100,000.003 of 20 $2.00Winner Report1443 $10,000.0020 of 100 $1.00Winner Report1441 $30,000.004 of 15 $2.00Winner Report1440 $30,000.001 of 16 $2.00Winner Report1439 $3,000.008 of 75 $1.00Winner Report1438 $2,000,000.001 of 3*$10.00Winner Report1437 $1,000,000.004 of 9*$5.00Winner Report1436 $50,000.003 of 9*$2.00Winner Report1434 $5,000,000.005 of 12*$20.00Winner Report1434 $1,000,000.0018 of 40*$20.00Winner Report1432 $30,000.000 of 20 $2.00Winner Report1431 $5,000.0023 of 75 $1.00Winner Report1428 $3,000.0010 of 75 $1.00Winner Report1427 $2,000,000.001 of 10 $10.00Winner Report1423 $500.00/Week for Life0 of 6 $1.00Winner Report1421 $150,000.002 of 8*$3.00Winner Report1420 $50,000.001 of 10 $2.00Winner Report1419 $1,000.00171 of 420 $1.00Winner Report1418 $500.00446 of 56,303*$10.00Winner Report1416 $3,000.0027 of 84 $1.00Winner Report1415 $15,000,000.001 of 6 $30.00Winner Report1415 $1,000,000.000 of 24 $30.00Winner Report1413 $30,000.001 of 10 $2.00Winner Report1412 $1,000.00129 of 420 $1.00Winner Report1410 $1,000,000.002 of 32 $5.00Winner Report1409 $50,000.002 of 72 $2.00Winner Report1408 $10,000.005 of 100 $1.00Winner Report1407 $5,000,000.003 of 9*$20.00Winner Report1407 $1,000,000.0015 of 45*$20.00Winner Report1404 $5,000.0021 of 84 $1.00Winner Report1403 $30,000.005 of 30*$2.00Winner Report1398 $5,000,000.001 of 6 $20.00Winner Report1398 $1,000,000.001 of 20 $20.00Winner Report1396 $20,000.002 of 30 $2.00Winner Report1395 $5,000.0028 of 84 $1.00Winner Report1393 $50,000.001 of 40 $3.00Winner Report1391 $2,000,000.001 of 8 $10.00Winner Report1389 $50,000.001 of 20 $2.00Winner Report1388 $10,000.0044 of 136 $1.00Winner Report1382 $1,000,000.001 of 6 $5.00Winner Report1381 $30,000.001 of 26 $2.00Winner Report1377 $30,000.001 of 30 $2.00Winner Report1372 $10,000.007 of 100 $1.00Winner Report1371 $50,000.002 of 40 $3.00Winner Report1364 $250,000.003 of 16 $5.00Winner Report1363 $50,000.002 of 8 $3.00Winner Report1361 $20,000.005 of 30 $2.00Winner Report1357 $30,000.002 of 10 $2.00Winner Report1349 $250,000.002 of 16 $5.00Winner Report1341 $250,000.003 of 16 $5.00Winner Report1338 $250,000.002 of 16 $5.00Winner Report1331 $250,000.001 of 12 $5.00Winner Report1302 $250,000.004 of 20*$5.00Winner Report1298 $500,000.004 of 24*$5.00Winner Report1297 $50,000.0011 of 40*$2.00Winner Report1259 $50,000.005 of 80*$2.00Winner Report1048 $200,000.00/Year0 of 10*$20.00Winner Report1048 $50,000.00/Year3 of 10*$20.00Winner ReportTexas Lottery Scratch Off List
*Denotes games that have been reordered or have been delivered to the Florida Lottery in more than one shipment.
Note: Games may be reordered, and top prizes may increase proportionally.
Prizes, including the top prizes, may be unavailable at time of ticket purchase due to prior sale or other causes occurring in the normal course of business.Editorial Note: Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our marketing partners don’t review, approve or endorse our editorial content. It’s accurate to the best of our knowledge when posted. Availability of products, features and discounts may vary by state or territory. Read our Editorial Guidelines to learn more about our team.Advertiser Disclosure
We think it’s important for you to understand how we make money. It’s pretty simple, actually. The offers for financial products you see on our platform come from companies who pay us. The money we make helps us give you access to free credit scores and reports and helps us create our other great tools and educational materials.
Compensation may factor into how and where products appear on our platform (and in what order). But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you. That’s why we provide features like your Approval Odds and savings estimates.
Of course, the offers on our platform don’t represent all financial products out there, but our goal is to show you as many great options as we can.
This article was fact-checked by our editors and Christina Taylor, MBA, senior manager of tax operations for Credit Karma Tax®. Free australian poker machines.Hit it big playing the lottery? You’re probably thinking about how you’ll spend all that sweet cash. But first, Uncle Sam is going to want his cut.
The Internal Revenue Service considers lottery money as gambling winnings, which are taxed as ordinary income. The total amount of tax you pay on your lottery winnings will depend on multiple factors, including the state where you live and whether you take the winnings as a lump-sum payment (one check for the full amount after taxes have been withheld) or an annuity (smaller annual payments that are paid out and taxed over time).
Although you probably won’t be able to completely escape the tax man, you may be able to offset taxes on lottery winnings by claiming deductions you qualify for. Here are some things to know about paying federal income taxes on lottery winnings. Keep in mind tax rules may vary for state and local income taxes, so for the purposes of this article, we’re talking about federal income taxes only.Credit Karma Tax® can calculate tax on gambling income Learn More Do I have to pay taxes on lottery winnings?
The IRS considers most types of income taxable, unless the tax code specifically says it’s not. Because lottery winnings are considered gambling winnings, which are definitely considered taxable income, the IRS will want its cut.
For lottery winnings, that means one of two things.
*You’ll either pay taxes on all the winnings in the year you receive the money — for winnings paid out as a lump-sum payment.
*Or you’ll pay taxes only on the amount you receive each year — for winnings paid as an annuity.
Take note: If you receive interest on annuity installments that haven’t been paid to you yet, that interest must be included in your gross income for the tax year you received it.How will the IRS know about my lottery winnings?
If your winnings are $600 or more, the lottery agency is supposed to give you a Form W-2G that you’ll have to file with your federal income tax return if the agency withheld federal income tax from your winnings.
The lottery agency is also required to send a copy of this form to the IRS if your winnings are $600 or more, so it’s important to accurately report your winnings on your federal tax return.
And even if you don’t receive a W-2G for your lottery winnings (or other type of gambling payouts), you’re still expected to report those winnings as income on your federal tax return.How could winning the lottery affect my taxes overall?
Getting a huge financial windfall can be life-changing, but it doesn’t change everything — you’ll still have to pay taxes and bills. Federal and state taxes can decrease the amount of money you ultimately receive, so it’s crucial to understand taxes on lottery winnings when you strike it big.
Whether you’re all-in on your prize money and accept it as a lump sum or you’re receiving payments over time, winning the lottery generally increases your income. Taxes are calculated based on your taxable income for the year, so if the extra income from lottery winnings moves you into a higher tax bracket, you’ll typically end up paying more income tax.
If you fail to report taxable income (including lottery winnings) on your tax return, you could owe additional tax, interest and even penalties.Credit Karma Tax® can calculate tax on gambling income Learn More What is the tax rate for lottery winnings?
Depending on where you live, you may need to pay taxes on lottery winnings to your state and local governments in addition to the federal government.Federal tax
Right off the bat, lottery agencies are required to withhold 24% from winnings of $5,000 or more, which goes to the federal government. But, depending on whether your winnings affect your tax bracket, there could potentially be a gap between the mandatory withholding amount and what you’ll ultimately owe the IRS.
Even if your lottery winnings don’t boost your tax bracket, if the federal government withheld too much tax on your lottery winnings, you might get a refund at tax time.State and local tax
Each state has its own rules on taxing lottery winnings, so check both your state’s tax website and your city’s tax website for information. For example, if you live and win in New York City, the state government will withhold 8.82% and the city will withhold another 3.876% — on top of your base federal withholding of 24%.
Seven states — Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming — don’t have income tax, so big winners in those states won’t pay state taxes on prize money. Some other states don’t have a state lottery at all.
And three more states — California, New Hampshire and Tennessee — exclude their state lottery winnings from taxable income. But before you play the lottery in a different state, check the rules so that you know whether any taxes will apply to your winnings.Should I take a lump sum or annuity payments?
Whether you get to choose between a lump sum or annual installments for your lottery payout can depend on different factors, like state lottery rules and how much you won. Either way, here’s how the two payout types will affect your federal income taxes.
Lump-sum impact
Receiving your winnings as a single lump sum could potentially bump you right into the highest bracket for the tax year in which you win the lottery. That would mean if you win a very large amount, your income over a set threshold ($518,401 for single taxpayers and $622,051 for married couples filing jointly, for 2020) would be taxed by the IRS at 37%.
“If you decide to have a lump sum payment, that would probably put you in the higher tax bracket for that one year,” says Megan McManus, CPA and owner at Megan McManus, CPA.
For example, if you’re single and your current taxable income is $40,000, a $1 million lottery payout, taken in a lump sum, would increase your total income to $1,040,000 for the tax year. At the federal level, the portion of your income over $518,401 would be taxed at 37%. But all the lower tax rates would also apply to portions of your income less than that threshold. Here’s what you’d pay (rounded to the nearest dollar).
*10% on income up to $9,700 = $970
*12% on the next $29,775 = $3,573
*22% on the next $44,725 = $9,839
*24% on the next $76,525 = $18,366
*32% on the next $43,375 = $13,880
*35% on the next $306,200 = $107,170
*37% on the last $529,700 = $195,989
If you add all that up, your total federal income tax obligation for the year would be $349,787.Annual payments impact
Depending on your income, receiving annual payments will also likely affect your tax bracket — but the immediate financial impact could be less.
“The annuity payments would probably allow you to be in a lower tax bracket each year,” McManus says.
Let’s look at the above scenario with the same amount of lottery winnings broken out into 30 annual payments of about $33,333.
With the annuity approach, your taxable income would increase to just $73,333 in the year you won the lottery (assuming other factors like a wage increase didn’t boost your taxable income). The highest federal tax rate that would apply to your income would be just 22%. Here’s what you’d pay (rounded to the nearest dollar).
*10% on up to $9,700 = $970
*12% on the next $29,775 = $3,573
*22% on the remaining $33,858 = $7,449
Your total federal income tax obligation for the year in which you win would be just $11,992.
Learn more about the marginal tax rate and what it means for your winnings.How can I offset federal taxes on lottery winnings?Texas Lottery Scratch Off Odds
If you’ve won the lottery, the IRS expects you to report it as income on your tax return. And Uncle Sam is going to want his share whether you receive your winnings as a lump sum or annual payments. But there are ways to try to offset the increased tax obligation your lottery winnings will cause.Claim deductions
Deductions are dollar amounts the IRS allows you to subtract from your adjusted gross income, or AGI, if you meet the requirements. This lowers your taxable income, which in turn can reduce your tax obligation. Here are two possible deductions (if you itemize).
*Charitable donations — You may be able to deduct the value of your charitable contributions from your income as long as the organization is a qualified tax-exempt organization — but certain conditions and limits apply. For example, you can only deduct cash donations that are equal to no more than 60% of your AGI.
*Gambling losses — You can deduct your gambling losses (like the cost of lottery tickets that you didn’t win on) as long as they don’t exceed the winnings you report as income. For example, if you report $1,000 in winnings but you have $2,000 in losses, you can only deduct $1,000.Play the lottery in a pool
If you join a pool with others to buy lottery tickets, then any potential lottery prizes will be smaller because you’re sharing it — but your tax hit will be smaller, too.
“You’ll only be taxed on your portion of the income,” McManus says, “so if you receive a third of the winnings, you would only pay tax on that third.”
To make sure you’re taxed correctly, document how much of the winnings go to each person in your group. Ask the lottery agency to cut checks for each person in the pool instead of having one person collect and distribute the winnings. This may help ensure you only pay taxes on the amount you actually receive.What’s next
Winning the lottery could change your life by giving you a certain level of financial freedom. But before claiming your prize, consider speaking with a financial or tax adviser who can help you understand the potential tax impact of your winnings and plan the best way to manage your windfall.
Consider how you plan to use the money. Free spins slots.
“If you want to buy a house or put your kids through college, you might need the funds now, as opposed to taking annual payments,” McManus says.Texas Scratch Off Tickets Remaining Prizes
But if your objective is to ensure a steady stream of income, annual payments may be more appealing to you.
Whether you receive your lottery winnings as a lump sum or annual payments though, you’ll still have to pay the federal government — and possibly your state and local government — their share of your winnings. So it’s important to have a plan for how to best save, invest and grow the winnings you’ll keep.Credit Karma Tax® can calculate tax on gambling income Learn More Texas Lottery Scratch Off Games
Relevant sources: Topic No. 419 Gambling Income and Losses | IRS: Publication 538 | New York Lottery General Rules | IRS: Pay As You Go, So You Won’t OweTexas Lottery Scratch Off Checker
Christina Taylor is senior manager of tax operations for Credit Karma Tax®. She has more than a dozen years of experience in tax, accounting and business operations. Christina founded her own accounting consultancy and managed it for more than six years. She codeveloped an online DIY tax-preparation product, serving as chief operating officer for seven years. She is the current treasurer of the National Association of Computerized Tax Processors and holds a bachelor’s degree in business administration/accounting from Baker College and an MBA from Meredith College. You can find her on LinkedIn.Texas Lottery Scratch Off ChristmasRelated Articles
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