Tax-Free Winnings From the Lotto


If you have ever wanted to win a lot of money, you might want to consider playing the lottery. This is the most popular game in the country, and it comes with many advantages, including larger jackpots, better odds, and tax-free winnings. The history of lotto can be traced back to the Low Countries, where towns and cities held public lotteries to raise money for poor people and for fortifications. But some evidence suggests the first lotteries were much older than this. In L’Ecluse, for example, a record from 9 May 1445 mentions a lottery that yielded 1737 florins (about US$170,000 in 2014).

Lotto is the nation’s favourite game

The National Lottery is the state-franchised national lottery of the United Kingdom. Millions of pounds have been won by players in Lotto prizes, and the proceeds go towards good causes across the country. Tickets can be bought online or from authorised retailers throughout the UK. togel hongkong draws are held every Wednesday and Saturday.

Tax-free winnings

Depending on where you live, winnings from lotto games can be tax-free in some states. For example, California does not tax lotto prizes. However, most states will withhold some amount of your winnings. For example, in New York City, 8.82% will be withheld on top of the federal withholding rate of 24%. Meanwhile, there are seven states that have no income tax at all, and so winnings from big lottery games will be tax-free in these states. The remaining nine states will either tax you or withhold some tax from your winnings.

If you won the lottery, be sure to keep all of your receipts. You will also need to submit your tax return for the year you received your winnings. You can also choose to receive your winnings in installments.