Fantasy 5 Lottery
No doubt about it, winning the lottery dramatically changes a person’s life. A financial windfall of that magnitude quickly grants you a level of financial freedom you probably have trouble imagining.
- Fantasy 5 2nd Chance. If you spend $5 or more on a single Fantasy 5 playslip then you will receive a code to enter into the 2nd chance draw that takes place weekly on Saturday nights. There are three $10,000 prizes and 12 $1,000 prizes up for grabs in each draw and there is no additional entry fee if you have been given a code.
- Find out the most recent Georgia Fantasy 5 numbers here. Check the results to see if you are a lottery winner.
But becoming a Mega Millions or Powerball jackpot winner doesn’t change everything. If you are the lucky winner, you still have to worry about bills and taxes. This is when a lottery tax calculator comes handy.
How are lottery winnings taxed under federal and state?
Ca Fantasy 5 Past Results
Lottery winnings are considered ordinary taxable income for both federal and state tax purposes. That means your winnings are taxed the same as your wages or salary. And you must report the entire amount you receive each year on your tax return.
For example, let’s say you elected to receive your lottery winnings in the form of annuity payments and received $50,000 in 2019. You must report that money as income on your 2019 tax return. The same is true, however, if you take a lump-sum payout in 2019. You must report that entire amount as well. For this, a tax calculator is an essential tool.
Fantasy 5 – Michigan (MI) – Results & Winning Numbers Lottery Parakeet is a ranking portal website that provides US and International Lottery results and information. Lottery Parakeet does not offer online lottery services.
Note: Before you receive one dollar, the IRS automatically takes 25 percent of your winnings as tax money. You’re expected to pay the rest of your tax bill on that prize money when you file your return.
What is the tax rate for lottery winnings?
When it comes to federal taxes, lottery winnings are taxed according to the federal tax brackets. Therefore, you won’t pay the same tax rate on the entire amount. The tax brackets are progressive, which means portions of your winnings are taxed at different rates. Depending on the number of your winnings, your federal tax rate could be as high as 37 percent as per the lottery tax calculation.
State and local tax rates vary by location. Some states don’t impose an income tax while others withhold over 15 percent. Also, some states have withholding rates for non-residents, meaning even if you don’t live there, you still have to pay taxes to that state.
Do I have to pay state taxes on lottery winnings if I don’t live in the state where I bought the ticket?
Most states don’t withhold taxes when the winner doesn’t reside there. In fact, of the 43 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.
Can I change the amount of tax the lottery withholds?
You don’t have a choice on how much state or federal tax is withheld from your winnings. The only piece you can control is how much money you save to cover any extra money you may owe. For this, you can use a federal tax calculator.
Fantasy 5 Lottery Michigan
Do lottery winnings count as earned income for Social Security purposes?
Lottery winnings are not considered earned income, no matter how much work it was purchasing your tickets. Therefore, they do not affect your Social Security benefits.
Does winning the lottery affect my tax bracket?
Winning the lottery can affect your tax bracket in a big way. An average family’s top federal tax rate could go from 22 percent to 37 percent. But remember, if that happens, you likely won’t pay the top rate on all of your money.
That is unless your regular household income already places you in the top tax bracket prior to winning. In that case, all of it is taxed at 37 percent. This can be calculated using a tax calculator. Lottery winnings are combined with the rest of your taxable income for the year, meaning that money is not taxed separately.
What are the benefits of taking a lump sum payment versus annuity payments?
If you take a lump sum, you have more control over your money right now. You can choose to invest it into a retirement account or other stock option to generate a return. You could also use it to buy or expand a business.
Several financial advisors recommend taking the lump sum because you typically receive a better return on investing lottery winnings in higher-return assets, like stocks. If you elect annuity payments, however, you can take advantage of your tax deductions each year with the help of lottery tax calculator and a lower tax bracket to reduce your tax bill.
The decision for which option is better is complex. It all depends on the size of the lottery winnings, your current and projected income tax rates, where you reside, and the potential rate of return on any investments. If you win big, it’s in your best interest to work with a financial advisor to determine what’s right for you. However, you can also determine the taxes using a federal tax calculator.
Are you a lucky winner? Determine what you owe in taxes with this Lottery Tax Calculator.
More to explore:
- Fantasy 5
Fantasy 5 is simple to play and offers a guaranteed jackpot of at least $100,000. Players pick five numbers and win prizes if two or more match those in the Fantasy 5 drawing. EZmatch gives players the additional chance to win instant cash prizes from $2 to $500.
Drawings take place every day at 7.29PM. Players can purchase tickets online or from authorised Michigan Lottery retailers. See the latest Fantasy 5 lottery numbers below and buy tickets for upcoming drawings.
Double Play numbers can be found on the payouts page.
How to Play
To play Fantasy 5, simply choose five numbers between 1 and 39. If two or more of these numbers match those in the Fantasy 5 drawing, you win a prize. Fantasy 5 costs $1 per entry.
EZmatch is an instant-win add-on to the main Fantasy 5 game. When you play EZmatch, five random EZmatch numbers will be printed on your Fantasy 5 ticket, each with a cash value between $2 and $500. If any of the numbers you chose for the main Fantasy 5 drawing match the EZmatch numbers, you win the corresponding cash prize. EZmatch costs an additional $1 per entry.
You can also add Double Play to your ticket for an extra $1 per panel. In Double Play, a new set of winning numbers is drawn after the main Fantasy 5 drawing, giving participating players a second chance to win. You use the same numbers as in the main draw, so you could potentially win prizes in both. You can add Double Play and EZMatch to the same ticket.
Playing Fantasy 5 In-Store
Fantasy 5 Lottery
You can buy tickets for Fantasy 5 from authorised retailers across the state of Michigan. Follow the steps below to enter Fantasy 5 in-store:
- Visit your nearest retailer to fill in a Fantasy 5 slip
- Pick five numbers from 1 to 39 and mark them on the slip. Alternatively, select the Easy Pick option to have your numbers randomly selected
- If you want to play EZmatch for an additional $1, mark the option on the ticket
- Mark the Double Play box if you want to enter for an extra $1
- Select how many drawings you want to enter in advance (up to a maximum of 60)
- Pay the retailer for your ticket and remember to take your copy
- Keep your ticket safe. After the drawing view the latest lottery numbers online to see if you're a winner
If you already have a ticket from a previous drawing and want to choose the same numbers again, simply hand the ticket to the retailer and ask for a Replay. The ticket will then be reprinted ready for the next available draw(s).
Ticket Purchase Cut-Off Times
- Tickets for the current day's drawing are available online and in-store until 7:08PM
- In-store ticket sales for the next drawing (and any future draws) resume at 7:10PM
- Online ticket sales for the next drawing (and any future draws) resume immediately after 7:08PM
Prizes and Odds
There are four tiers of prizes available in Fantasy 5, and players win by matching two or more numbers on their ticket. If no players match all five numbers to win the jackpot in any given draw, it will roll over, increasing in value for the next draw. The jackpot will continue to roll over until it is won.
| Win Conditions | Odds | Prize |
|---|---|---|
| Match 5 of 5 | 1: 575,757 | Jackpot |
| Match 4 of 5 | 1: 3,387 | $100 |
| Match 3 of 5 | 1: 103 | $10 |
| Match 2 of 5 | 1: 10 | $1 |
| Overall odds of winning: 1 in 9 | ||
Double Play offers a fixed jackpot of $110,000 and non-jackpot prizes that are worth double those in the main drawing. See a full prize breakdown below. The odds of winning are the same as in the main draw.
| Win Conditions | Double Play Prize |
|---|---|
| Match 5 of 5 | $110,000 |
| Match 4 of 5 | $200 |
| Match 3 of 5 | $20 |
| Match 2 of 5 | $2 |
EZmatch offers a great chance of winning an instant cash prize. There are 11 tiers of EZmatch prizes, ranging from $2 to $500. Below are the payouts and odds for each EZmatch prize.
| Cash Prize | Odds |
|---|---|
| $500 | 1: 84,000 |
| $250 | 1: 42,000 |
| $100 | 1: 14,000 |
| $50 | 1: 4,942 |
| $20 | 1: 2,100 |
| $15 | 1: 1,293 |
| $10 | 1: 132 |
| $5 | 1: 280 |
| $4 | 1: 77 |
| $3 | 1: 14 |
| $2 | 1: 10 |
| Overall odds of Winning: 1 in 5 | |
How to Claim a Prize
Players have up to one year after the drawing date to claim any prizes. After this period, unclaimed prizes will be distributed in accordance with state lottery regulations. You can get detailed instructions for claiming your prize here.