Estimate Your Lottery Winnings After Taxes
Most states don’t withhold taxes when the winner doesn’t reside there. In fact, of the states that participate in multistate lotteries, only two withhold taxes from nonresidents. Arizona and Maryland both tax the winnings of people who live out of state. Planning with a solid tax planning strategy can help you avoid surprises when it’s time to file. Should I take a lump sum payment or annuity payments? That’s because the total amount of the lottery prize is calculated based…