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Topic	Don't forget to buy your Mega Millions tickets
Keebs05 10/18/18 5:19:24 AM #10:	AllstarSniper32 posted... wolfy42 posted... If you go with the instant cash you get 50% of that I know you get less for taking the instant cash, but the last time I read the back of one of the tickets, I swear it didn't say it took 50% of it. Where are you getting this information? Between federal and state taxes, it can get pretty damn close to 50%. Lottery winnings are taxed like income. IRS taxes the top income bracket at 39.6%. Then comes local government to get their cut. Most of the 44 states that participate in Powerball will take a piece. The local cut depends on the state. If you're currently stuck in NY like I am, your winnings are taxed just over 48%. --- "Old soldiers never die, they just fade away" R.I.P PFC Dusty Seidel <cite>Keebs05 posted [p:910727017] in Don't forg... [t:77107259]...</cite> <quote><cite>AllstarSniper32 posted...</cite> <quote><cite>wolfy42 posted...</cite> <quote>If you go with the instant cash you get 50% of that</quote> I know you get less for taking the instant cash, but the last time I read the back of one of the tickets, I swear it didn't say it took 50% of it. Where are you getting this information?</quote> Between federal and state taxes, it can get pretty damn close to 50%. Lottery winnings are taxed like income. IRS taxes the top income bracket at 39.6%. Then comes local government to get their cut. Most of the 44 states that participate in Powerball will take a piece. The local cut depends on the state. If you're currently stuck in NY like I am, your winnings are taxed just over 48%. --- "Old soldiers never die, they just fade away" R.I.P PFC Dusty Seidel</quote> ... Copied to Clipboard!
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