How much money does the government take from your winnings if you win the lottery?
921659
It will vary according to the tax bracket that you are in. You can pretty much estimate it at about a third. It also depends how you win it and where. Some state lotteries do not charge state taxes on state residents who win, others do.\n\nIf you are at the highest Federal tax bracket it wll be 35%. \n\nAnd correct, most places don't let non-residents participate in lotteries.
1122057
This amount varies by state. (The state you live in, NOT the state the game show takes place in.) Some states, in fact many states, have a set amount of let's say $2,500 in winnings before the rest of the amount becomes taxable income.
384498
How to win state and national lotteries.\nDo you want to win a BIG, BIG prize? Do you want to have all your financial worries sorted out? Do you want to win the lottery? The secret is very, very simple. Anybody can manage it. All you have to do is buy a ticket with the numbers that are going to be drawn at the next draw. If you do this I can GUARANTEE you will win the lottery.\n\n That's not exactly new information, is it?\n\nNeither is the idea that nobody can predict what those numbers will be. However, when a lottery machine selects the numbers this is in no sense a random action. It is 100% predictable. There is nothing stopping anybody calculating exactly which balls not only will, but MUST be drawn. Nothing stopping you. It will simply take a measuring and timing tolerance at the edge of possibility combined with a huge series of calculations.\n\nYou can measure the balls and know their properties. You can time the intervals between starting and stopping the contra-rotating tumble dryers. You can project the trajectories of every single ball and their interactions with each other. It can be done. But it would probably cost more than the size of the lottery jackpot to fund the project and nobody is going to be very happy with people standing around and timing the balls to that degree of accuracy, because one microsecond will totally disrupt all the calculations. The lottery ball machine is totally predictable and not in any way random, but exactly the same thing can be said about a woman. Both are determined and predictable systems, but they simulate randomness far more elegantly than true randomness would. True randomness is a willo-the-wisp entity, like infinity, the highest prime number and the function of half of the roundabouts in Warrington. Lottery machines are not random, but they are chaotic, and therefore, like the minds of women, very difficult to probe with the crude analytical tools we have at our disposal.\n\nSo, I can't tell you how to win the lottery. However, I can offer you some interesting advice that you might find helpful.\n\nYou have to be in it to win it\nThis is a very common slogan used by lotteries and football pools companies alike. What this slogan is saying is you can't dream of winning the lottery or the pools unless you part with your beer tokens. Of course they are right. If you never buy a ticket you can never win. But how many times do you dream of winning? Do you have to win every week to be happy? Of course not. You only have to win once. So you only have to buy one ticket, at some time in the future to be able to legitimately dream of winning a huge jackpot.\n\nOne ticket will do\nYour chance of winning a share in a big jackpot prize is very low. In the UK national lottery (now named Lotto) your chances of having a share of a top jackpot, by getting 6 balls out of 6 representing the numbers 1 to 49 are 1 in 13,983,816. \n\nNow most weeks people win, often several people share the jackpot. So it does happen. But if you staked £5 every week on those odds you would not have a realistic expectation of winning a share in a jackpot in a normal lifetime. But you knew that anyway, didn't you?\n\nSo you might as well get used to the idea that winning the lottery is unlikely. But it's also nice to have a dream, it is good for your mental health. So here is the secret: Buy a ticket. One day. Maybe tomorrow. Maybe not.
1147220
Yes, gambling winnings are fully taxable.  Here's info from the IRS:\n\nGambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 (PDF) and include all of your winnings. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and also the fair market value of prizes such as cars and trips. For additional information, refer to Publication 525, Taxable and Nontaxable Income. \n\nA payer is required to issue you a Form W-2G (PDF) if you receive certain gambling winnings or if you have any gambling winnings subject to Federal income tax withholding. All gambling winnings must be reported irrespective as to whether any portion thereof is subject to withholding. in addition, you may be required to pay an estimated tax on your gambling winnings. For information on withholding on gambling winnings, refer to Publication 505, Tax Withholding and Estimated Tax. \n\nYou may deduct gambling losses only if you itemize deductions. Claim your gambling losses as a miscellaneous deduction on Form 1040, Schedule A (PDF). However, the amount of losses you deduct may not be more than the amount of gambling income you have reported on your return. It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to Publication 529, Miscellaneous Deductions, for more information.
94221
Are you kidding??! Of course it's not real. How can you win a lottery you never entered? Playing overseas lotteries is against the law anyway.
697557
That is nothing compared to my wins.\n\nI have not only won soccer lotteries, I've won basketball one, lotteries from Spain, Britain and the US. Besides this, I get offers of millions of dollars to help launder money, not to mention to strangers leaving me millions in their wills.\n\nBased on this alone, I should easily command US$100 million by now. \nUnfortunately, not a single cent has ever reached me.
899712
No, but I'm prepared to bet £2950.00 that it's a con.\n\nThese people will eventually ask for your bank details so they can "transfer" your winnings.\n\nDO NOT give this information to them (or anyone). They will empty your bank account and/or use your identity fraudulently.
542214
Lottery Math will give you the odds.  See below.
215507
no article but...\n\nThe lottery is considered a "voluntary tax", where the net procedes go into government coffers. \n\nA possible advantage to this would be to beset any tax raises.
520093
Only if you win the lottery.
335003
Instead of doing this research - spend an equal amount of time and a couple dollars (far less than you will ever waste on the lottery) and buy a basic statistics book.  By chapter 2 you'll understand why government lotteries are known as an ignorance tax.  \n\nYou quickly understand that if tickets were sold for even a $0.01, you're still getting a royal screwing every time you buy one.   \n\nDon't focus on the one guy who won.  Focus on the tens of millions that lost and you'll see how ridiculous it is to play.  \n\n2 last points \n1) A perfect example is Vegas.  The overall house margins are just a few percentage points and look at the cost of the casinos they build with the house winnings - The properties alone cost Billions of dollars.  Compare a few percentage points in Vegas with that of your typical government lottery (the odds of winning are less than 1 in 14 million in Florida\n\n2)Ever wonder why you only see the poor or the working poor playing the lottery and never see the guy driving the Porche in the business suit buying a handful of tickets.  The "educated" guy in the business suit understands the lottery is for SUCKERS who don't know any better.
36682
Here are the odds, according to USA Today's Danny Sheridan: \n\nWin the lottery: 12,000,000 to 1\nInherit the money: 12,000,000 to 1\nPlaying the casino slots: 6,000,000 to 1\nOwning a small business: 1,000 to 1
727780
X(1.25)\nX=the amount in euro's that you won
350100
No.  You are not ever required to repay benefits you received as long as you did not lie about the money you had at the time you were receiving the benefits.\n\nThis applies to all government benefits including medicaid, food stamps, housing assistance, etc.\n\nThe point of government benefits is to aid people who need it.  If you are lucky enough to find yourself in a position that you no longer need the help, that's good for you.  But you will never have to pay back benefits you received.\n\nAgain, if you ever lie about your income and they find out, that's totally different.\n\nBesides, the taxes you would have to pay on the lottery winnings would MORE than pay back the medicaid benefits I am sure.  :-)
1045783
Hello...If I win from the lottery firstly I will go to a long vacation in some sunny place,surrounded by the ocean..Will say there till regain my mental balance,because I live under such stress enormous stress and am smothering from problems..Then I will be able to decide what to do further..At any rate would give a good amount of money to children in need..
151305
Yes I will take it!!!!  \nFirst i'd like to know what the winning lottery numbers are and buy a ticket.  Upon winning I'll see which stocks will do good in the future and invest half my winnings on those stocks.  Then I will look to see what my ex-wife plans are to screw me over in the future and put a stop on it.  Next I'll find out what future plans the terrorists have and try to put a stop on that.  Then I'll see what future natural disasters will happen and warn the people that will be affected.  \n\nOn second thougth that is a lot of responsibilty so NO I will not accept this seeing the future gift thing...
1178519
Winning the jackpot of £3.5million on the lottery!