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Lucky for life taxes

Monday, 11/23 Winning Numbers

13 23 31 37 39 11 Lucky Ball

Monday’s Top Prize

$1,000 a day for life $5,750,000 cash value

Thursday’s Top Prize:
$1,000 a day for life
$5,750,000 cash value

Next Drawing:
Thursday, 11/26

LUCKY FOR LIFE ®

Check Your Numbers

GET MORE FROM YOUR JACKPOT GAMES USING THE APP

Enter your favorite numbers and if they’re drawn you’ll be notified via text, and get alerts when the jackpots are REALLY big. Plus, scan a Jackpot ticket through the mobile app and it will automatically be entered into any eligible Bonus Draws!

  • Custom Game Alerts
  • Enter Bonus Draws
  • Exclusive Events & Contests

CLAIM WINNINGS

Think you’re a winner? Then it’s time to claim your prize! Double-check your numbers and the draw date before signing the back of your ticket and cashing it in. How to Claim

IT’S EASY TO PLAY

  1. PICK YOUR NUMBERS Choose 5 from 48 numbers and 1 from 18 numbers for Lucky Ball.
  2. BUY YOUR TICKET Tickets cost $2. Must be 18, available at most CO retailers.
  3. PLAY MULTIPLE DRAWINGS Buy up to 13 weeks (26 drawings) in advance.
  4. CHECK YOUR WINNINGS Check your texts, email, local news, etc., to see if you won big!

It’s Easy to Play

GAME TOOLS

Take your game to the next level with our helpful tools. Learn the luckiest numbers, winning history and as always – expect the unexpected.

Winning HistoryGame Tool

Track the history behind your favorite Jackpot games, from winning numbers to Colorado Jackpot winners and more.

Luckiest NumbersGame Tool

Is your lucky number all that lucky? See how many times your favorite numbers have been drawn, and take your best guess of what will be drawn next.

Luckiest StoresGame Tool

See how lucky your local retailer really is with our easy-to-use tool.

Who’s Winning

Find out who’s winning big across the state, and where they purchased their lucky tickets. You could be next!

LUCKY FOR LIFE PAYOUTS & ODDS OF WINNING

MATCH PRIZE ODDS
5 + LB $1,000 a day for life* 1 in 30,821,472
5 of 5 $25,000 a year for life* 1 in 1,813,028
4 + LB $5,000* 1 in 143,356
4 of 5 $200 1 in 8,433
3 + LB $150 1 in 3,413
3 of 5 $20 1 in 201
2 + LB $25 1 in 250
2 $3 1 in 15
1 + LB $6 1 in 50
LB $4 1 in 32

*Overall odds of winning are 1 in 8. Prizes equal 50% of sales overall. In some cases, these prizes may be lower than these published prize levels. Refer to your lottery’s official rules for a detailed explanation of prize payments.

LUCKY FOR LIFE PRIZE OPTIONS

The minimum payment period for the top and second prizes is 20 years. Both have the choice of a Cash Option as an alternative to the Annuitized Payment option, as described in the table below. Prizes that are governed by “split-prize” liability are divided equally among the winning tickets and may be less than shown.

Top Prize

WINNERS ANNUITIZED PAYMENT OPTION CASH OPTION
1-14 $1,000 a day for life* $5,750,000*
15 or more (No annuitized payment option) $7,125,000*

Second Prize

WINNERS ANNUITIZED PAYMENT OPTION CASH OPTION
1-20 $25,000 a year for life $390,000
21 or more (No annuitized payment option) $9,400,000*

*Divided by the number of winners

DRAWING DETAILS

Drawing Days
Mondays & Thursdays at approximately 8:38 p.m.

TICKET SALES & REDEMPTION

No ticket sales during these times:
MON & THU: 7:30 P.M. – 7:33 P.M.

GAME RULES

Ticket buyers must be 18 or older. Lucky for life tickets cost $2 and are available at most Colorado retailers.

GAME ODDS

Prizes equal 50% of sales. Overall odds of winning 1 in 8. Odds of winning jackpot prize 1 in 31 million.

$3.5 Billion invested in Colorado

Supporting trails, parks, pools and recreation

This jackpot game comes with a top prize of $1,000 a day for life

ialottery blog

March 26, 2018

Tell Me About The Taxes On The ‘For Life’ Prizes In Lucky for Life

A woman named Kris recently sent us a question on Facebook asking about how the taxes work in the Lucky for Life game for its top two prizes: $1,000 a day for life and $25,000 a year for life.

You likely already know that Lucky for Life is a $2 lotto game with drawings twice a week, on Mondays and Thursdays. The game’s top two prize levels are described as “lasting as long as you do,” meaning that they are truly for life. The minimum guaranteed payout for those two prize levels is 20 years, and there is a lump-sum option for players who want that rather than lifetime annuity payments.

If you were to win at either of the game’s top two prize levels here in Iowa and you chose to receive your prize in annuity payments for life, you would receive your winnings in annual payments. Federal and state withholding would apply to each payment. (The current federal withholding rate is 24 percent, while the state withholding rate is 5 percent.)

So, for the game’s top prize of $1,000 a day for life, you would receive an annual payment after withholding of $259,150. And for the game’s second prize of $25,000 a year for life, you would receive an annual payment of $17,750 per year after withholding.

Four Iowa Lottery players so far have won the game’s prize of $25,000 a year for life. We’re still waiting for our first top-prize winner in Lucky for Life!

And don’t forget: There are eight other ways to win in Lucky for Life, so be sure to check your ticket after each drawing.

Comments

Hi, George. I think you’re referencing potential income tax questions, while what I addressed are the withholding taxes that are taken out when the prize is paid. While the withholding amounts are designed to account for the tax liability that someone would have for the prize, you are correct that a winner may owe more than or less than that amount, depending upon his or her individual circumstances outside of winning a lottery prize. In some instances the withholding may be too much, in others, it may not be enough. That’s why we always suggest that our winners consult a lawyer or financial planner as quickly as possible to go over all of the details that may apply to them.

After all taxes are paid at the end of the year you will will have 204,900 left . Fed tax for 365,000 is 35% state income for 365,000 is 8.9% one of the highest in the country.

Oh, that makes sense, Mark! I will pass along your comment. Thank you for sharing your insight.

Hi Mary! Sorry to have to put this here, but could you pass along a suggestion to whomever runs the poll on the main page?

It would be nice to be able to answer the poll with the answer “I don’t like this game” or something similar when applicable- it will give you a better feel for the correct answers of your players. There has been more than once I have either had to give an incorrect answer, or not participate because none of the available answers fit!

A woman named Kris recently sent us a question on Facebook asking about how the taxes work in the Lucky for Life game for its top two prizes: $1,000 a day for life and $25,000 a year for life. You…