• Oregon State Tax On Gambling Winnings
• Oregon State Taxes On Gambling Winnings Florida
• Are Gambling Winnings Taxable In Nevada
• Gambling Taxes By State
• Oregon State Taxes On Gambling Winnings Tax

Frequently Asked Questions. Have questions about the Oregon Lottery? This is the place where you can find the answers to many of the most commonly-asked questions, including contact information, how to claim winning prizes, and what to do if you or someone you know may have a problem with gambling. Gambling winnings are fully taxable by the IRS, the State of Ohio, and four cities throughout the state. These winnings are taxed as 'ordinary income' at the same rates as other income is taxed to the taxpayer by the respective agency. In the case of state taxes, all casinos must withhold 4 percent of your winnings. The gaming establishement is required to issue a form called a W-2G to report.

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You’ve beaten the odds and won the lottery. Depending on where you won your prize, the deal is even sweeter, since some states don’t tax lottery winnings. It doesn’t matter if you don’t live in the state in which you won. Slots plus casino no deposit bonus. You will still have to pay their taxes, as well as federal taxes on your prize. Here’s a basic lottery tax calculator so you can figure out what you owe on the state level if anything.

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State Tax On Lottery Winnings

Taxes are based on where the winning lottery ticket was purchased, not where the winner resides. If you won the lottery in a state that doesn’t have an income tax, you’ve really hit the jackpot. Florida, Hawaii, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming are the states without income tax. California and Delaware are other especially lucky states for lottery winners since they don’t impose state taxes on such windfalls. Although they aren’t states, winners also aren’t charged taxes in Puerto Rico or the U.S. Virgin Islands. Here is the tax on lottery winnings by state:

• Arkansas – 7 percent
  
• Colorado – 4 percent
  
• Connecticut – 6.99 percent
  
• Georgia – 6 percent
  
• Idaho – 7.4 percent
  
• Illinois – 4.95 percent
  
• Indiana – 3.40 percent
  
• Iowa – 5 percent
  
• Kansas – 5 percent
  
• Kentucky – 6 percent
  
• Louisiana – 5 percent
  
• Maine – 5 percent
  
• Massachusetts – 5 percent
  
• Michigan – 7.25 percent
  
• Missouri – 4 percent
  
• Montana- 6.9 percent
  
• Nebraska – 5 percent
  
• New Jersey – 8 percent
  
• New Mexico – 6 percent
  
• New York – 8.82 percent
  
• North Carolina – 5.499 percent
  
• North Dakota – 2.9 percent
  
• Oklahoma – 4 percent
  
• Ohio – 4 percent
  
• Oregon – 8 percent
  
• Pennsylvania – 3.07 percent
  
• Rhode Island – 5.99 percent
  
• South Carolina – 7 percent
  
• Vermont – 6 percent
  
• Virginia – 4 percent
  
• West Virginia – 6.5 percent
  
• Wisconsin – 7.65 percent
  

While Arizona and Maryland tax their resident lottery winners at 5 percent and 8.75 percent, respectively, out-of-state residents winning these state lotteries will have a greater percentage of tax withheld. Five states don’t have lotteries: Alabama, Alaska, Mississippi, Utah and Nevada, wherein lies Las Vegas, the gambling capital of the nation.

Federal Lottery Taxes

The Internal Revenue Service considers lottery winnings as gambling income. Such monies are in the same class as those won in casinos, horse racing and raffles. If you won a big ticket item, such as an automobile, you would have to pay taxes on its fair market value. Report your winnings on Form 1040, line 21, as “other income.” You’ll receive Form W-2G, “certain gambling winnings,” from the payor with the information you’ll need.

You’ll pay taxes at ordinary income rates at the federal level, but if you’ve won more than $5,000, the amount of tax owed is automatically withheld by the lottery authority. If you received a large but not stupendous amount of money, automatic withholding is 24 percent. If it’s a Powerball payout, however, that’s a different story.

Powerball After Taxes

If you won the Powerball lottery, expect to pay 37 percent in federal tax on your winnings, along with any state taxes. That’s the new top tax rate under the Tax Cut and Jobs Act, signed into law by President Donald J. Trump on December 22, 2017. If you won Powerball or other major lotteries before then, you’d pay 39. 6 percent, and that 2.6 percent difference means you keep tens of thousands or even hundreds of thousands of dollars more in your pocket.

If you are a big winner, it’s critical that you receive professional tax advice. This is not a time to try and do this on your own, and remember, you can now afford to hire the best to keep your tax bite as low as possible. That may include making large donations to your favorite charities and receiving a tax break.

Powerball Lump Sum Versus Annuity

Powerball winners can receive their money in two ways, either as a lump sum or through an annual annuity. If you opt for the first method, you won’t get the entire amount if you are the sole winner. With the annual annuity, you’ll eventually receive the entire amount, but it is remitted to you over a period of 30 years of annual payments. Most winners choose the lump sum option, even though they are potentially giving away millions of dollars. Perhaps that makes sense for an older winner who doesn’t expect to live another 30 years, but younger winners should discuss the situation with a tax professional. For example, a Powerball Jackpot Analysis for November 2018, shows a winner could receive $107 million in an annuity, but just $61 million if they decide to take the funds in a lump sum. The winner would receive $3.56 million annually for 30 years under the annuity distribution, paying federal tax of $856,000 plus any applicable state taxes. The bottom line, sans state taxes, is $2.7 million annually. The person going for the lump sum distribution of $61 million pays just over $14 million in federal taxes, for a total of about $46 million not counting state taxes. That’s a nice chunk of change, but over 30 years, the winner who took the annuity will receive a total in the range of $81 million, nearly double the lump sum amount.

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Taking the Annuity

When the monetary difference is so great, why do most Powerball winners decide to take the lump sum rather than the annuity? Odds are these are folks who didn’t consult a tax attorney or other financial professional beforehand. They may think an annuity ends when they die, but that’s not the case with Powerball or other major lottery wins. If the winner dies before receiving all of the payments, the remaining payments become part of their estate. There is a downside, however. The IRS will collect estate tax based on the annuity’s future value if the winner dies not long after hitting the jackpot. Powerball has a provision that can convert the annuity into a lump sum if the estate can’t pay the tax owed, but such conversions aren’t permitted in every state. Find out whether this is allowed in the state in which you bought your ticket.

Perhaps you want to enter the world of the mega-rich very quickly, and an income of a few million a year doesn’t quite make it. If that’s the case, perhaps the lump sum is a better alternative, but it’s important that you “protect yourself from yourself,” as the New York Times puts it. There are plenty of lottery winners who end up broke because they made huge purchases with these winnings, and gave money to the long-lost friends and relatives who seem to appear out of the blue when they hear you’ve struck it rich. With an annuity, if you make a bad choice one year, there’s always a big check waiting for you the following year.

Other State and Federal Deductions

If you’re a big winner, but owe back taxes, child support or have student loans outstanding, expect to have those payments deducted from your winnings. If you bought your ticket in a city or county that imposes its own taxes on lottery winnings, you would have those monies deducted as well. On the national level, if you’re not a U.S. resident, you’ll pay a flat 30 percent in federal withholding on your prize money.

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About the Author

Oregon State Tax On Gambling Winnings

A graduate of New York University, Jane Meggitt's work has appeared in dozens of publications, including PocketSense, Zack's, Financial Advisor, nj.com, LegalZoom and The Nest.

Question from kathi
March 25, 2007 at 8:36pm

I have a $10,000 gambling winnings to claim as income. I have a statement from the casino that I spent $4513 at the same time which is considered by them to be a gambling loss...help..Can I show gambling expense of l day, l month or what?
thanks.

Answer: Kathi - You are able to offset gambling losses you had for the year up to the amount of your winnings but only if you itemize your deductions on Form 1040 Schedule A, Itemized Deductions. You include the gambling winnings as income on Form 1040 Line 21, Other Income.

You cannot just subtract your losses from the income you are reporting. We suggest keeping a diary of your losses and winnings. It should contain at least the following information.

Oregon State Taxes On Gambling Winnings Florida

1. The date and type of specific wager or wagering activity.
2. The name and address or location of the gambling establishment
3. The names of other person present with you at the gambling establishment.
4. The amounts you won or lost. (You should keep these separate to establish winnings from losses)

Are Gambling Winnings Taxable In Nevada

In order to get a tax benefit from itemizing your deductions they must exceed your standard deduction. For example if your are single and under 65 your standard deduction is $5,150 for tax year 2006. Your total deductions should exceed that amount to benefit from itemizing.

Gambling Taxes By State

Itemized deductions include:
- Medical and dental expenses that exceed 7.5% of your adjusted gross income
- Taxes such as real property, state income or state sales tax
- Interest expense such as home mortgage interest
- Contributions to charitable organizations
- Unreimbursed employee business expenses
- Miscellaneous expenses

Oregon State Taxes On Gambling Winnings Tax

For more information on itemized deductions please see IRS Publication 17, Your Federal Income Tax, beginning on page 133. IRS forms and publications are available at the IRS Web site at www.IRS.gov in the Forms and Publications section or by calling 1-800-TAX-FORM (1-800-829-3676).