Lottery Winnings FAQs

Although the winnings itself is tax-free There are some taxes to pay after you get the winnings The tax people always get their cut, doh!

If you win, there are two choices for the payout: a lump sum of $ million or 30 years of annuitized payments worth $1 billion Both

if slot players knew this they would never stop playing Lottery winnings are considered ordinary taxable income by the IRS Even if an installment winner sells the future income stream to another

if you win the lottery how long does it take to get your money You must include winnings from the Massachusetts state lottery and non-Massachusetts lotteries in your Massachusetts gross income If you win more than $600 the