There are very few days left for the 2024 Christmas Lottery draw, specifically, until the morning of Sunday, December 22, when large prizes will be distributed among the thousands of participants who already have the tickets with their favorite numbers, waiting for Luck smiles on them this year and they can win El Gordo for four million euros in the series or with another of the many prizes that are distributed that day.
There is no doubt that the Christmas Jackpot is the most desired prize by everyone, but it has a drawback compared to other smaller prizes: The first prize is charged with taxes to the Tax Agency. However, other smaller prizes do not have to pay any personal income tax.
Prizes that do not pay taxes
Specifically, you must know the general rule that applies to the prizes of the Extraordinary Christmas Draw, which basically, in the year 2024 is that No tax is paid on the first 40,000 euros of prize. What does this mean? That all prizes that are equal to or less than 40,000 euros are exempt from tax.
In this way, knowing the amount awarded by each prize, you must know that there are only three prizes that pay taxes: the first (the Gordo), the second and the third prize. Specifically, they will pay 20% of the part that exceeds this amount, remaining as follows:
- First prize (Gordo): 400,000 euros for the tenth – 72,000 euros in taxes are paid
- Second prize: 125,000 euros for the tenth – 17,000 euros are paid to the Treasury
- Third prize: 50,000 euros for the tenth – 2,000 euros are paid to the Tax Agency
What about the rest of the prizes? Well, they are exempt from taxes.. In fact, there are two fourth prizes of 20,000 euros for tenth and another five fifth prizes of 6,000 euros for tenth which, as they do not reach 40,000 euros, do not have to pay personal income tax. Thus, the winners of the fourth and fifth prizes, as well as those who obtain the stone, the refund or the approach prizes They will not have to pay anything to the Treasury.
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