Wednesday, September 3, 2014

The Arkansas lottery: The taxman cometh in more ways than one

Posted By on Wed, Sep 3, 2014 at 10:04 AM

click to enlarge imgres.jpg
The Arkansas Lottery, working on its somewhat bruised image, compiled a release yesterday on the $1 million in unpaid taxes and child support it has collected from lottery winners in its five years of existence.

That prompted some questions from me about when the withholding kicks in and also the take in state and federal income tax from big winning tickets.

Patrick Ralston provided the rundown:

First, any winning ticket over $500 is checked against the state database on taxes and past due child support computed by the state support collection agency. The lottery withholds from winnings if the debt is $100 or more.

Income tax withholding is required on all prizes of $5,000 or more. In five years, the tax take:

* State income tax: $9.4 million.

* Federal income tax: $34.1 million.

This is on top of an average of about $100 million a year in college scholarships from lottery profits (a figure that has declined sharply in recent years.)

Tags: , ,

Favorite

Speaking of Arkansas Lottery, income Tax

Comments (2)

Showing 1-2 of 2

Add a comment

 
Subscribe to this thread:
Showing 1-2 of 2

Add a comment

More by Max Brantley

  • The assault on Obamacare begins

    Donald Trump Friday night signed an executive order directing government to scale back Obamacare to the extent possible. Though the signing was mostly symbolic, it likely has implications for Arkansas.
    • Jan 21, 2017
  • Two dead in North Little Rock shooting

    two people were fatally wounded about 9 p.m. Friday in a home in the 1400 block of Division Street, North Little Rock.
    • Jan 21, 2017
  • 2nd Amendment meets the 1st in Fayetteville on campus carry

    They've had a forum in Fayetteville today on Rep. Charlie Collins' fervent desire to force more pistol-packing people onto the campus at the University of Arkansas (and every other college in Arkansas.) He got an earful from opponents.
    • Jan 20, 2017
  • More »

Readers also liked…

Most Shared

  • Sarah Huckabee Sanders to be deputy White House press secretary

    Donald Trump announced additional White House staff today, notably including Sarah Huckabee Sanders, deputy assistant to the president and principal deputy press secretary.
  • Legislation filed for $10 million school voucher program

    The legislation to vastly expand transfer of state tax dollars to private schools came before the school choice day event I mentioned earlier.
  • Watch the trailer for 'Shelter,' the Renaud Bros. new doc on homeless kids in New Orleans

    Check out the trailer for "Shelter," the Renaud Bros. new feature-length documentary about homeless teens navigating life on the streets of New Orleans with the help of Covenant House, the longstanding French Quarter shelter for homeless kids.
  • Trumpeting

    When President-elect Trump announced he would, in a few days, force Congress to enact comprehensive health insurance for everyone, poor or rich, that would provide better and cheaper care than they've ever gotten, you had to wonder whether this guy is a miracle worker or a fool.
  • Putin and Trump

    Here's a thought exercise: What do you suppose would happen if Russian strongman Vladimir Putin decided to clarify remarks he reportedly made about Donald Trump during the election campaign?

Visit Arkansas

1.73-carat diamond found at Crater of Diamonds State Park

1.73-carat diamond found at Crater of Diamonds State Park

Jack Pearadin and Doug Nelsen found a 1.73-carat diamond after nearly a year of searching the park's field.

Most Viewed

Most Recent Comments

  • Re: Donald Trump breaks promise, will not release tax returns

    • "I'd bet my last $10 on it. But here's the deal: We'll see Trump's tax…

    • on January 22, 2017
  • Re: Open Line

    • Boss Tweed paid HIS lackeys on time. "Even the firm that hired actors to cheer…

    • on January 22, 2017
  • Re: Open Line

    • If you want to see traitor trumps plan for lower health insurance look at OSCAR'S…

    • on January 22, 2017

Blogroll

 

© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation