winner! That’s right a double winner!
potential winner for the Mega Millions tickets being sold in stores (or online
in Illinois), isn’t the only one hoping
for a winner. The state where that
resident lives is also hoping to celebrate a potential winner and huge tax
the jackpot over the record $540 million, some state governments, who have been
struggling as well, are anxious to see if there is a hometown winner who could
bring a little tax windfall.
tax windfall on winnings like that could be in the range of tens of millions of
dollars that could aid in revenues which could assist social programs or even
encourage new jobs.
state sets its own tax rate on lottery winnings and they range from 0% to 8.82%
in New York.
states have budget needs between $20 to $60 million and that would be a huge
lift for a state in need.
though you may not win the Mega Millions, in case you are playing the lottery,
we want you to be prepared for Uncle
Sam. Make sure you keep your
receipts of losses for tax time. You can
report those losses to deduct off of your winnings.
we see you next, best of luck and happy playing!
is almost April 17th and your taxes are due!!
Disclaimer: Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.