Maryland State Lottery

Maryland State Lottery Official Website - http://www.mdlottery.com/

Important Tax information for Maryland Lottery Winners
http://www.marylandtaxes.com

Anyone who receives winnings from lottery games, racetrack betting or gambling must pay income tax on the prize money. Both residents and nonresidents of Maryland are subject to Maryland income tax on their winnings.

If your winnings total more than $5,000, income tax will automatically be withheld, just as it is from your paycheck. According to Maryland law, prize winnings of more than $5,000 are subject to withholding for both federal and state income tax purposes.

If your prize money is between $500 and $5,000, you must file Form 502D, Declaration of Estimated Maryland and Local Income Tax, and pay the tax on that income within 60 days of the time you receive the prize money. You claim a credit for taxes paid with the 502D on your annual income tax return. Failure to pay the estimated tax due or report the income could result in penalty and interest charges.

If your winnings are less than $500, you still must report that amount on your annual state income tax return and pay tax on it. However, payment of estimated tax is not required.

Both residents and nonresidents of Maryland should compute the state tax at 4.75% of the gross winnings. Residents of Maryland must also compute the local income tax, depending on the county (or Baltimore City) in which they reside. See the local tax chart for rates.

Losses
For tax purposes you cannot simply subtract your losses directly from your winnings. If you itemize deductions on your federal and state returns, your gambling losses may qualify as a deduction

Where does the lottery money go?

Lottery revenues are deposited into the State's General Fund. In FY'2004, over $458 million was contributed to support such services and programs as education, public health, human resources, public safety and much more, all of which greatly benefit the citizens of Maryland .

Proceeds from designated scratch-off games and Mega Millions benefit the Maryland Stadium Authority.  In FY2004, $22,000,000 was contributed to the Stadium Authority

Official website for the State of Maryland
http://www.maryland.gov.

 

Could you use a large sum of cash now?

We can customize a proposal based on your needs and the amount of funds due you. Not all lottery winners qualify for this program, and each individual must meet our funding requirements.

Call us at 1-800-253-0723 or
email today to see if you qualify!


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Maryland State Lottery press Releases

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"Thank you and your staff for the tremendous job you all performed on my case. There were snags along the way and you handled them with care and ease. I just want you to know my wife and I appreciate the way you fulfilled your promises and responsibilities and helped us advance our lotto winnings." Will R.

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