Florida Lottery Rules
Proceeds from the Florida Lottery help support education around the state. Florida law requires the lottery to spend 50 percent of its revenue on prizes and to give at least 39 percent to the Educational Enhancement Trust Fund, according to a report prepared by the Palm Beach County School District. The Florida Lottery says it transferred more than $1.28 billion to the trust fund during its 2008-2009 fiscal year.
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Age
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You must be 18 years old to purchase a Florida Lottery ticket. Moreover, you must be at least 18 to redeem a ticket even if someone else purchased it for you. Regardless of the size of the prize or type of ticket, Florida Lottery retailers cannot sell lottery tickets to minors under 18.
Claims
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You don't have unlimited time to claim a Florida Lottery prize. For Cash 3, Play 4, Fantasy 5, Mega Money, Lotto and Powerball games, you have 180 days from the date of the drawing to claim a prize. Winnings from Scratch-Off games must be claimed within 60 days of the end of the game. Lotto, Mega Money and Powerball winners have 60 days from the date of the drawing to claim their winnings if they want a lump sum payment.
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Unclaimed Prizes
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According to the Florida Lottery website, it gives at least 80 percent of unclaimed lottery prizes to the state's Educational Enhancement Trust Fund. The Florida Lottery puts the remaining 20 percent back into the general prize pool.
Taxes
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Lottery winners must pay taxes on their prizes. According to the Florida Lottery website, it withholds 25 percent of prizes larger than $5,000 for taxes. For prizes of $5,000 or less, the IRS doesn't require the Florida Lottery to withhold taxes, but winners are still responsible for paying taxes on the money. This applies to U.S. citizens and resident aliens who have Social Security numbers. For a resident alien or U.S. citizen without a Social Security number, the Florida Lottery holds back 28 percent of prizes over $600 to pay taxes. It withholds 30 percent of all prizes if the winner is a non-resident alien.
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References
- Photo Credit lottery image by dinostock from Fotolia.com
