Whether you play the hk prize lottery for fun or to win a big prize, you might be surprised to learn that the sales for the United States lottery have exceeded $91 billion in the past year. And that’s just the tip of the iceberg. In fact, you can win millions of dollars from lottery draws, and if you are lucky enough to win the jackpot, the money may actually make your life better.
U.S. lottery sales totaled over $91 billion in 2016
During fiscal year 2016, the United States lottery saw sales of over $91 billion. For the first time, the jackpot on the Powerball reached over $1 billion. In fact, the lottery saw a record breaking month in November, with the best performance in the record book. The top jackpot was $390 million and the second highest prize was $149 million. During the year, 86 players won more than $1 million.
There were several new games introduced in fiscal year 2016, including the “All or Nothing” game and the relaunch of the popular “Bucks” family of games.
U.S. lotteries offer predetermined prizes
Whether you’re in the market for a lottery ticket or just want to check out your luck of the draw, you’ll find a plethora of options. Many lotteries offer predetermined prizes that range from a few dollars to millions of dollars. There are even raffle games, gift cards, play-for-fun games, and terminal-based tickets to choose from.
Lotteries have been around for years, but it’s only recently that they’ve gained mainstream popularity in the United States. This is thanks to the Tax and Trade Release Extension Act of 1998, which allows lotteries to offer a discount on their ticket prices.
Taxes are withheld on all winnings
Whether you win a state lottery or a national lottery, your winnings are generally taxable. However, the amount you pay depends on the amount of money you win, the state in which you live, and the type of payment you receive. You may also be required to pay estimated taxes.
The Internal Revenue Service (IRS) taxes lottery winnings as ordinary income. If you win a state lottery, your winnings will be reported to the IRS in the year that you received them. You will be required to report the fair market value of your winnings on your tax return.