The new tax code will impact lottery players and prizes, so here’s what you need to know.
When you claim a prize of over $5,000, we automatically take out the minimum state and federal taxes before we give you your check.
Starting Monday, January 29, the amount is changing to reflect the new tax code. This means federal withholdings will be 24% instead of 25%. The state rate will stay the same at 5.499%
As always, we recommend that you check with a tax preparer when you win a prize.
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So with this new tax update how will that change the annual payout for the lucky for life top prize?