You can visit a lottery retailer and get a scratch-off ticket for instant winnings or participate in the Mega Millions or Powerball multi-state lottery games to press your luck at some of the largest jackpots in history.Įither way, the grand prize you see might not exactly be what you get. The lottery is a general term that refers to many games of chance available in most U.S. Here’s everything you need to know about how lottery taxation works and how the rules affect people of all ages. So does that mean older people can withhold their taxes on lottery winnings?
With that said, once you reach a certain age, you’re eligible for certain tax exemptions as opposed to the general population. But even when you win, it can feel like you’ve still lost a bit after all those pesky taxes get taken out of it. Playing the lottery is almost as fun as actually winning the lottery.
