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 Tax News Intuit TurboTax April Report: A Look at Refunds and S… Tax Planning April 15 is the Tax Deadline: 6 Things You Need to Know… Tax Planning Unable to Pay Your Tax Bill? Here’s What To Do Tax Tips Tax Credits 101: What They Are & How They Work Business How to Know if You Should Invest in Business Insurance Tax Deductions and Credits What Is the Standard Tax Deduction for 2023 – 202… 401K, IRA, Stocks Should You Use Your 401(k) or Retirement to Pay Off Deb… Tax Planning What Happens If You Don’t Pay Taxes? Understanding Pe… Tax Deductions and Credits Family Taxes: Take Advantage of Tax Savings Taxes 101 How Much Do You Have to Make to File Taxes? Demystifyin…
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