NC Lottery Game Will Pay Your Taxes On Winnings

7:25 PM, Apr 2, 2012   |    comments
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Raleigh, NC-- Who wouldn't want to win the lottery and not have to pay taxes on the money won.

Starting Tuesday, April 3, the NC Education Lottery will start three new Taxes Paid instant games that give players the chance to win top prizes up to $100,000 with the initial taxes already paid.

What are the games & How much do they cost?

-- A $5 ticket for the $100,000 Taxes Paid game gives a player the chance to take home one of six after-tax prizes of $100,000. Players can also match numbers to win one of 1,100 prizes ranging from $500 to $50,000. Scratching to reveal certain symbols will win more. For example, a "money bags" symbol wins double the prize shown and a "money stack" wins $50 instantly. The game begins with more than $20.1 million in prizes.

-- A $2 Taxes Paid ticket could win one of eight top prizes of $30,000 with initial taxes paid. The game starts with more than $8.2 million in total prizes, including more than 106,000 prizes between $20 and $100. Players who scratch and reveal a "money bag" symbol win $20.

-- A $1 Taxes Paid ticket features a top prize of $5,000 with the initial taxes paid. The game launches with more than $4.5 million in total prizes. Players could also win one of more than 102,000 prizes between $10 and $35, or scratch and reveal a "coin" symbol to win the prize shown instantly.

The lottery will pay the minimum mandatory required federal and state tax withholding as part of the top prizes awarded for each of the three instant games. The actual top prizes for each game are as follows: $7,353 for the $5,000 Taxes Paid game; $44,118 for the $30,000 Taxes Paid game; and $147,059 for the $100,000 Taxes Paid game.

**As is always the case with winning a lottery prize, the lottery advises winners to discuss with a tax professional any additional federal and state income taxes that may be due.

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