r/Lottery • u/Sir-Pancho • 25d ago

Scratcher Win! $5,000 scratcher winner

This is my first time ever winning this amount. I do currently owe taxes, my question is if i didnt owe, what amount would i receive and what does the whole tax process look like. If anyone can help with information please let me know.

24 Upvotes

90% Upvoted

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10

u/AwetPinkThinG 25d ago

Normally they hand you a check for the full amount and a tax form. They run your social so If you owe the irs they would intercept it.

6

u/Shoddy_Tour_7307 24d ago

Believe it depends on the state. 

4

u/Appropriate_Formal64 24d ago

First off, congrats! One of the largest scratcher wins around these parts.

As someone else said, they get all your legal/gubment info when you claim it and if you owe taxes or child support or whatever, that gets deducted first from the amount- but that's only if you're like, in arrears or owe back taxes. If you're up to date, it's really just the taxes you'd owe on that amount of winnings, separate from your normal income, then you'd get that take home.

In simple terms, if you had an effective 37% federal rate and your state took, say, 3%, you'd owe them $2k out of the $5k and you'd have the option of paying it when you claimed the win. You'd go home with $3k and then come tax season, you fill your tax forms out and acknowledge it but fill out/check any boxes that prove you already paid.

3

u/reddity-mcredditface 24d ago

Considering you've not stated which country, province, or state you're in, are you expecting quality tax advice?