Wa State Lottery Taxes ==================== Wa State Lottery Taxes, How High Are Wine Taxes in Your State? ====================

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Does New Hampshire Tax Lottery Winnings?

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Powerball Jackpot Winners

Powerball jackpot winners are encouraged to claim their prize at the  Denver Claim Center .

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Seek financial advice before claiming the jackpot prize; consider these questions:

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Cash or Annuity?

Do you want to receive your prize in the form of an annuity (a series of fixed payments paid at regular intervals over a specified period), or in one lump sum payment? The cash value of the jackpot is approximately 50 percent of the advertised, estimated (annuitized) jackpot. If you choose an annuity, you’ll be paid in 30 graduated payments over 29 years. Subsequent annuity payments will be made yearly close to the anniversary date of the claim. The choice you make is binding and irrevocable. You have 60 days from the date your ticket is validated to decide how to be paid.

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What’s the best way to share a prize?

If you decide to “split” the prize, one person is designated as the prize recipient, signs the winning Powerball ticket, and distributes the money. 

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Where will you put your money? 

There are FDIC regulations that need to be considered when depositing large sums of money. Contact your financial institution for more information.

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Come prepared.

Complete the Colorado Lottery Prize Claim Form. You’ll have to complete additional forms provided by the Colorado Lottery including a Powerball Grand Prize Election Form.

Bring a photo I.D. and your Social Security number, if you have one. Acceptable identification includes: driver’s license, passport, military ID card, green card – or any form of government-issued identification with photo.

Call ahead to the Denver Claims Center at 303-759-3552 or 800-999-2959 and let us know when you’ll be coming in to claim the jackpot.

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What you can expect when you win the jackpot.

As part of the Open Records Act, we are required to release to the public your name, hometown, amount you won and the game you played. This information will be posted on coloradolottery.com and will be furnished to media upon request.

You will be interviewed by the Colorado Lottery Media Relations team and a press release will be distributed to local media outlets. You may also be asked to participate in a press conference to answer questions directly from reporters. Our Media Relations team will work closely with you to ensure your comfort with the process.

You’ll be asked to have your picture taken which will appear on our “Wall of Winners,” our website, and our Facebook and Twitter social media outlets.

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Think You're a Winner? 

Double check your numbers and be sure they're for the draw date printed on your ticket.

Sign the back of your ticket to protect you against loss or theft. Only one signature will be accepted. 

Complete a Colorado Lottery Claims Form before claiming prizes of 9 or more.

Claim Form


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Gambling activities considered a trade or business

You can deduct wagering losses (for as much as you won) from your personal income taxes, but only if your wagering activities are considered a trade or business.

For professional gambling , your gambling activity is considered a trade or business if it is:

The Commissioner will consider several factors when determining whether gambling activities constitute a trade or business or not. These factors are not exclusive and are meant to provide illustrative guidance. If you're claiming to be a professional gambler, the burden of proof rests with you.

The following factors will be considered:

Reporting gambling activities considered a trade or business for tax purposes

  1. Enter the net amount from gambling activities you reported on MA Schedule C (Line 31 or 33) on MA Form 1 (Line 6) or MA Form 1-NR/PY (Line 8).
  2. Enclose MA and U.S. Schedule C, or C-EZ, or U.S. Schedule F.
  3. If the information you report on MA Schedule C is no different than what you reported on the federal Schedule C, submit the federal Schedule C and write "No Massachusetts Differences" on the top.

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