Online Lottery Blog »
by: JohnCurio - Category:
Have you ever thought about winning the lottery? Students of Arkansas looking to fund their education can now enjoy the Arkansas Scholarship Lottery, which is meant to increase not only the quantity of awards but also the number of students who can apply. Cheryl Lyons, director of financial aid at UCA, said that “we want everyone to know about the scholarship and everyone apply early and do their FAFSA…it’s actually the same thing as the Arkansas Academic Challenge Scholarship (ACS)”.
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by: JohnCurio - Category:
According to the statistics, 90% of lottery winners put money in a bank, 60% pay off their debts and about 73% share their money with family and friends. Surprisingly, about 50% of winners donate the money to charity and only about 15% alter their lifestyle completely (retire, quit their jobs, open their own business or master higher education). Of course all of the above changes do not happen right after winning the Superenalotto jackpot, on the contrary, when you finally make your biggest dream come true, you are not necessarily think about the consequences of such action.
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by: JohnCurio - Category:
Further to a recent USA court ruling:
In most cases, income earned by non-U.S. residents in the United States (U.S.) is taxed according to the mandates of tax treaties, if any, between the U.S. and the foreigner’s country of nationality. If a non-resident plays the lottery while in the U.S. and wins, is she/he subject to income tax in the U.S.? The following case shows how the Internal Revenue Service (IRS) considered proceeds from a California lottery won by an Israeli national, under the U.S.-Israel Income Tax Treaty.
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by: JohnCurio - Category:
Chris Shaw became the lucky lottery powerball jackpot winner shortly after he bought his $5 ticket at the Break Time convenience store where he works in Marshall, Missouri. The funny thing is that he had less than $30 in his bank account.
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by: JohnCurio - Category:
A man from Missouri who won a lottery of $ 258 million said it plans to use part of the money to pay bills, replace missing teeth and bring their children to Disney World, but not sure to quit her job in store where you purchased the winning ticket.
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by: admin - Category:
The Powerball game has a shared jackpot and is drawn bi-weekly on Wednesdays and Saturdays. The purpose of the game is to guess five numbers in the range of 1 to n-59 in any order and one additional number in the range of 1 to n-39 exactly. The odds are not in your favor because the probability of winning is 35 to 1, but here are some Powerball winning tips that can help:
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by: admin - Category:
Sandra McNeil from New Jersey will receive about $101.6 million after the state taxes are taken out. The lucky Powerball ticket was purchased in Morris Plains’s deli.
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by: JohnCurio - Category:
Taxes on Lottery Winnings
Both federal and state taxes are applicable on lottery winnings, though in some regions, lottery winnings may be subjected to local income taxes too. The total tax percentage may vary, based on the winner’s annual income and the total winning amount. After calculating the taxable amount imposed by the federal and state jurisdiction, the tax may at times total up to even 50 percent of the lottery amount.
According to the jurisdiction applied in the concerned state, there may be options for receiving the lottery winnings. In general, there are two choices, namely; lump sum payment and installment payments. Also, the taxable percentage may change according to Internal Revenue Service regulations. The following is a brief discussion about lump sum cash payments and installment payments:
Lump Sum Cash payment
If a winner has selected a lump sum payment of the lottery amount, the lottery commission pays about 65 percent of the total cash. This amount is subject to the federal and state taxes, which may amount to about 50 percent of the remaining money. For example, you won $1,00,000 lottery and the lottery commission gives you $65,000. After tax deductions, the amount you receive could be just about $32,500.
Installment payment
Speaking about the installment payments of lottery winnings, the ideal option is to select for a structured annuity plan. Under such annuities, insurance companies are involved, which are responsible for payment in small fractions at regular intervals, with increments. The major advantages of installment payments for lottery
by: JohnCurio - Category:
Did you hit the lottery jackpot, score big at the casinos or win a car from your church raffle last year? If you did, you received a Form W-2G reporting your winnings — and so did the IRS.
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by: JohnCurio - Category:
Robert Walsh Enterprises announces the publication of their newest YouTube Channel on the Internet, ItsRobertWalsh.
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