Whether you have a ticket in the lottery or not, there are things you can do to make sure you are taxed on your winnings. Here are some tips and tricks you can use to help you make sure you are taking advantage of all the benefits of your prize money.
People with low incomes don’t play the lotteries
Using a variety of data sources, the Howard Center for Investigative Journalism studied 45 states with lottery operations. The findings include an impressive array of numbers, but the most interesting statistic is that lottery ticket sales in the United States have nearly doubled over the past two decades.
The study examined store traffic patterns at nearly three-quarters of all U.S. lottery retailers. It also studied lottery advertising in the relevant context. The most impressive statistic was that lottery ticket sales generate more revenue than corporate income taxes in 10 states.
Powerball and Mega Millions officials transfer money to respective state lotteries within 24 to 48 hours
Whether you are an aspiring lottery player or just enjoy watching the drawings on television, you’ve probably heard of the Mega Millions and Powerball lottery games. The jackpots are among the largest in the world. Each ticket costs $2 and is worth a chance to win the jackpot. But there is also a prize option that offers a cash alternative of up to $74.7 million. You can also multiply your non-jackpot prize by five times with the Megaplier.
ND Lottery Players Club official mobile app
Whether you are a local North Dakota lottery fan or are traveling across the country, the ND Lottery Players Club Official Mobile App can make your life easier. This app will allow you to check your tickets, scan your tickets to enter Lucke-Rewards drawings, and even earn points to claim your prizes. It is also a great way to stay on top of current promotions, and to buy tickets from the comfort of your home.
Scanning your tickets to see if you won
Whether you’re entering a lottery for the first time or you’re a seasoned pro, scanning your lottery tickets to see if you won is always a good idea. Not only can you be alerted to the winning numbers, but you can also find out if you’ve won before heading to the lottery office.
The best way to scan your lottery tickets is to use an app designed for the task. These apps are designed to be reliable as long as you keep your mobile device connected to a strong Internet connection. The app can alert you to future winning numbers, scan your lottery tickets for you, and tell you when you’ve won.
Claim taxes on your winnings
Whether you are the winner of a small jackpot or a big jackpot, it’s important to know how to claim taxes on your lottery winnings. The IRS will tax your prize as ordinary income, and you may also need to pay state taxes. It’s important to understand your options and talk to a financial adviser before you make a final decision.
The IRS expects you to report your winnings on Form 1099-MISC, Box 3. If you have won a prize of more than $5,000, the lottery agency will withhold 24% from your winnings.