Nearly every U.S. state offers their own lottery. But the games that get the entire country feeling the lotto fever are Powerball, Mega Millions, and Cash4Life. Powerball jackpots can swell to over $1 billion while Mega Millions has soared past $600 million. Cash4Life can have you living your dream life with guaranteed income for as long as you’re kicking. While interstate lotteries all have different rules, draw dates, and prizes, they also have a few things in common. They’re fun to play, everyone has an equal chance, and they change lives for the luckiest of players!
How Is The Lottery Taxed?
If your lucky day comes and you find yourself staring at a row of matching numbers, one of the first things you should do is consult with a tax expert. Chances are, you’ll find yourself unfamiliar with lottery tax laws. When it comes to large payouts, there are a few general assumptions. Should you choose the option of a lump sum, your winnings will be immediately taxed. What’s left is yours to keep. But if you decide annuity payouts are a smarter choice, you will be taxed on your yearly payout just as you would be if it were traditional income. You’ll want to consider state taxes before you even buy your ticket. If you win with a ticket you bought in a different state than where you reside, you could end up paying millions more in tax because of large variances in state tax percentages. But no matter how much you’re taxed on a large jackpot, you’ll still come home with a hefty stack of cash.
Why We Love Lotto?
Have you ever thought about how your life would change after winning the lottery? Imagine how much free time you would suddenly have at your disposal. Would you hop on a plane and travel the world? Would you spend more time with family and friends? Would you buy your dream home? Maybe you would donate some of your winnings to your favorite cause and make a difference in the world. No matter what you do with your winnings, you’ll be making your dreams come true. At Lotto.com, we trust in the power of the lottery. One game can change your life forever. We believe the lotto can bring about positive change, optimistic dreaming, and inner happiness. This is why we love the lottery.