2007-04-04 13:53:19 · 6 answers · asked by Anonymous in Games & Recreation ➔ Gambling
Your ultimate tax burden depends on your state of residence (or tax filing state.) However, the lottery commission holds back at least 25% up front. Check the rules on the various lottery sites for your state or the specific lottery.
Good luck!
2007-04-04 13:57:07 · answer #1 · answered by Crimson C 2 · 0⤊ 0⤋
I really don't know but I wish you good luck but I think it is about 25% that they take off I wish you good luck because you need good luck to win the lottery.
2007-04-04 20:58:50 · answer #2 · answered by cheesycakes101 2 · 0⤊ 0⤋
Assuming you would take the "cash" option, rather than the annuity... figure that you would take home 26% of the advertised jackpot. This will vary only slightly from state to state, but it's a good figure to work with.
2007-04-05 15:39:51 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It depends on where you live.
And I wouldn't worry about it. Just play. The problem of the tax burden is way smaller than the problem of having horrible odds. If you're over the second problem, then I wouldn't worry about the first.
2007-04-04 21:38:53 · answer #4 · answered by Sanjay M 4 · 0⤊ 0⤋
I think up to 50% but it may depend on where you live. By the way I am your second cousin. Good Luck
2007-04-06 02:38:46 · answer #5 · answered by paul s 4 · 0⤊ 0⤋
depeding on your State you live in I asked the same thing to my H&R persone and they told me 20% for federal and about 5% for state. Also if you are playing powerball about 50% before fed and state
2007-04-04 21:04:40 · answer #6 · answered by Jimmy J 1 · 0⤊ 0⤋