The Georgia state income tax of 6% and federal income tax of 24% are withheld from prizes of more than $5,000 at the time the prize is claimed. The Georgia Lottery reports the names of winners of prizes greater than $600 to the IRS and the Georgia Department of Revenue. How much will I pay in taxes if I win the Georgia lottery?Īll Georgia Lottery prizes are subject to applicable federal and state withholdings, and state and federal income taxes. Prizes of $500,000 or more are generally paid within 5-10 business days from the date of claim and are electronically deposited into the winner’s bank account. Prizes between $250,000 and $499,999 can be paid out if claimants arrive at the GLC headquarters or district office before 4 pm those who arrive after 4 pm will receive payment the following day. Prizes of up to $250,000 are typically paid out on the same day that they’re claimed. How long does it take to receive GA Lottery winnings?
Yes, Georgia is one of the few states that allows jackpot winners to remain anonymous. You can find the latest GA Lottery jackpot amounts for all of your favorite games here on the Georgia Lottery Jackpots page.Ĭan I remain anonymous if I win the lottery in Georgia?
