How long does it take to receive NY Lottery winnings?
Many winnings can be processed on-site at a Lottery Customer Service Center. Claims on jackpot wins, Powerball wins of over $50,000 and Mega Millions wins of more than $500,000 are provided to NY Lottery's Schenectady office for processing. Claims take at least 15 days for processing and longer for jackpot prizes.
How much does NY tax lottery winnings?
The New York Lottery is required to withhold state income tax from all prizes greater than $5,000. The tax withholding rates are as follows:
Federal withholding 24%
Federal backup withholding 24%
Federal Non-resident Alien withholding 30%
New York State withholding 8.82%
New York City withholding 3.876%
Yonkers withholding 1.477%
Can I remain anonymous if I win the lottery in New York?
Like many states, New York does not allow winners to remain anonymous. Winners of $5,000 or more must agree to reveal their identity before collecting their prize. However, New York makes it relatively easy for individuals to collect their winnings under an entity or LLC.
About the New York Lottery
Founded in 1967, the New York Lottery was the third modern U.S. lottery established. The creation of the New York Lottery began on November 8, 1966, when New Yorkers voted to approve a constitutional amendment authorizing a government-run lottery. It passed with over 60% in favor. The proceeds of the lottery were to be "applied exclusively to, or in aid or support of education." Once founded, its first slogan was "Your Chance of a Lifetime to Help Education.” Since its inception, the NY Lottery has generated over $34 billion in aid to education revenue.
To learn more about the New York Lottery please visit the official website.
Information on responsible gaming and problem gaming is available here. Or call 1-800-522-4700.