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Money This forum is for support with financial issues.

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Agony Offline
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Lottery - September 1st 2012, 02:15 AM

Dont know if this goes here or not but if it doesn't feel free to move it. So I had my dad buy a lotto ticket for tonight's drawing. I forgot which one it was but here's the numbers: 1-7-9-14-26 and the lucky ball or whatever it's called is 38
I prolly won't win but may as well as try, right?
My question is, what is the percentage you actually get to keep? I know you pay taxes for the winnings but what's the amount for taxes? (percent)

I was just wondering



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Re: Lottery - September 1st 2012, 02:41 AM

I believe it's 25% in Texas.


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Re: Lottery - September 1st 2012, 02:54 AM

In Australia the taxation department considers it 'windfall gain', and because you did not earn the money, but rather won it by chance it is not taxable. You are allowed to of these in your life before they tax any further winnings of the same fashion.
They will only tax the money you earn from these winnings.... so if you drop it in at the bank, they will tax the income/interest you receive from that large some of money. But otherwise, it is tax free.
   
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Re: Lottery - September 2nd 2012, 04:46 AM

Quote:
Most U.S. lotteries take out 28 percent from the winnings to pay federal taxes. But, if your winnings were in the millions of dollars, you would be paying closer to 39.6 percent (the highest tax bracket) in federal taxes when tax time comes. Add state and local taxes, and you might end up with only half of your winnings when you are done paying taxes.
Found Here.
So the amount taken out will depend on your state's tax percentage.


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