The million-dollar question for many players in Friday night’s $1.35 billion Mega Millions lottery drawing is — where do you live?
which range from 0% in several states to 11% in Hawaii, 10.9% in New York and 10.75% in New Jersey, with California’s 12.3% rate being a special case.. Nine states don’t have an income tax: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.. Five states and Puerto Rico do not participate in Mega Millions.
Alaska is also the nicest of the group. Not only is there no income tax, but the state actually gives residents thousands of dollars each year in the form of a Permanent Fund Dividend. The 2022 dividend was $3,284.California dreaming Some states give tax breaks to lottery winners. For example, New Jersey does not tax the first $10,000 of lottery winnings, but only for the New Jersey Lottery., allowing the winner to escape a 12.3% state income tax. That break is worth $166 million.Mega Millions jackpot tops $1B: What you need to know if you win
State residents pay tax on income earned everywhere, so a New York resident who buys a winning lottery ticket on the way to Disneyland would not pay California income tax, but would still have to pay New York income tax. The situation would be worse if you buy a winning ticket in one state with an income tax but live in another income tax state. In that case, you’d have to file state tax returns in both states. Fortunately, your home state would give you credit for tax paid in the other state where you bought your ticket.
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