Tax Planning Cashing Out: Lottery Winnings After Taxes Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by Published Apr 4, 2012 1 min read Last Friday everyone scrambled to get that last mega millions lottery ticket and anxiously awaited the announcement of the biggest jackpot in U.S. lottery history. A record $656 million BIG! That’s over half a billion dollars! But lottery participants aren’t the only ones excited about the lottery frenzy. Some state governments are just as ecstatic since the taxes on one lump-sum payment could mean millions in state revenue. Check out our interactive showing an example of how a much smaller (but I’ll take it) lottery winning would be taxed. [kml_flashembed movie=”http://images.blog.turbotax.intuit.com/swf/Lotteryfnl.swf” height=”580″ width=”580″]Please install the latest version of adobe flash[/kml_flashembed] Previous Post Tax Tips for Bloggers Next Post Who Can File a Tax Form1040 EZ? Written by More from One response to “Cashing Out: Lottery Winnings After Taxes” If you are going to arbitrarily pick a jackpot to show how much you would get, why on earth would you pick $96 million and not simply $100 million? Reply Leave a ReplyCancel reply Browse Related Articles Uncategorized What Is Deferred Compensation & How Is It Taxed? Investments How Does an Inherited IRA Work? Work Choosing Your Business Structure: 5 Types of Businesses… Tax Deductions and Credits Are HOA Fees Tax Deductible? What You Need to Know Crypto Understanding Crypto and Capital Gains Work 7 Things You Need to Know About the New Business Report… Work Using Form 8829 to Write-Off Business Use of Your Home Tax Tips Roth 403(b) vs. Roth IRA: Which Should You Invest In? Life Interest Rates, Inflation, and Your Taxes Investments Essential Tax Tips for Maximizing Investment Gains
If you are going to arbitrarily pick a jackpot to show how much you would get, why on earth would you pick $96 million and not simply $100 million? Reply