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Winner! Winner! Winner!: Tax Implications of Winning Lotteries and Game Show Prizes
Someone just won $30 million in the California SuperLotto Plus. It wasn’t me. Hey, we can all dream, right?Playing the lottery isn’t the only way to try your luck and make it big these days. With the proliferation of game shows, reality shows, Internet games, and sweepstakes, you might be closer to having your own “prize-winning day” someday.
After the elation—the jumping and screaming, the celebrating and leaping, the gamboling and shrieking—dies down, it’s time to look at the tax side of the win, and what you’ll owe Uncle Sam. Equifax blogger and tax expert Eva Rosenberg shares some advice about the financial implications of winning the lottery or game show prizes. Taxes On Lottery WinningsFirst things first: You need to report the winnings on line 21, “Other income,” on Form 1040 and on the related state tax form.
Typically, states with lotteries, or shares in multistate lotteries, don’t tax your winnings. Naturally, the IRS taxes you on all wins—at your highest tax rate (28–35 percent).
You can receive lottery payouts in a lump sum or over several years. Good money managers should take the lump sum and invest the money. Folks whose money somehow manages to trickle away should opt for ... more

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