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Taxes: How Do They Affect My Lottery Payments

LotteryCashout.com offers alternative cash flow funding options for your lottery winnings. You can get a wealth of substantial tax savings or a lifetime of primarily tax-free income.

Request a free, no-obligation quote or call us Toll FREE at 1-800-253-0705.

The Following Answers Some Of The More Common Questions
Regarding Lottery Winnings And Tax

Are my lottery winnings taxable?
Depending on which Lottery State you reside in, winnings may be subject to federal, state, and/or local income taxes, depending on jurisdiction requirements.

Can they withhold taxes on my lottery payments?
Federal and state laws may allow withholding of a portion of certain lottery winnings for tax purposes (estimated taxes). Withholding rates, which can vary between states, are subject to change in accordance with Internal Revenue Service regulations.

How much tax will I have to pay on my lottery winnings?
State requirements may vary so it is best to consult with your local tax professional or government tax office. They will be better able to answer your tax questions regarding your tax responsibility, calculations and exemptions.

In some states withholding taxes are on the rise and your tax obligation may be substantial. Lottery winnings are typically paid out through an annuity agreement over a 20 – 30 year period, which can make it difficult for you to capitalize on the money you have won.

To learn more about how to “save on my taxes for lottery payment winnings” Email or call us Toll FREE at 1-800-253-0705 or Request A Free, No-Obligation Online Quote.