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Eastern Time (GMT-5:00) | Home -> Forums -> Lottery News -> Illinois lottery winners' checks bounced United States Member #94645 July 24, 2010 1719 Posts Offline | | Posted: January 8, 2012, 12:16 pm - IP Logged | |
Amen. And even then, you have to be careful. The check can clear, and then be pulled back a month later, two months, three, after an investigation. As for the state paying for bounced check fees, are they are also going to make sure that the chex systems reports of all affected parties are wiped clean? You never know. I'm not sure how that works, but I wouldn't want someone to get on a company's 'List' because the state bounced a check, and it caused a cascading effect. Also, I can't believe the cheek of that man trying to play word games: returned not bounced. Please! Yea, GOOD LUCK getting anything cleared in Chex Systems!!!! They are just as bad as the credit bureau’s. Both ONLY want to post NEGATIVE items, and will do almost NOTHING to clear/fix incorrect items. | | |
PA United States Member #66644 October 16, 2008 1114 Posts Offline | | Posted: January 8, 2012, 7:24 pm - IP Logged | |
Yikes, think they need to train their employees better. You can't be mean to relatives & political hacks. | | |
Elgin, IL United States Member #69368 January 1, 2009 639 Posts Offline | | Posted: January 8, 2012, 10:00 pm - IP Logged | |
Now how do you claim the taxes?????????? FY 2011 or FY2012???????????? The checks were cut in 2011 but you actually didn't get the funds until 2012 because they forgot to validate the checks until 2012. I guess you will have to talk to your tax advisor.................... | | |
Bahamas
Member #114704
August 5, 2011
422 Posts
Offline
| | Posted: January 9, 2012, 5:21 pm - IP Logged | |
... in case there was any doubt remaining about cash vs annuity ... ALL CLEARED UP SIR! lol "Freedom of Speech? Keep reading and you will discover that freedom comes at a price!" | | |
United States Member #72957 March 18, 2009 562 Posts Offline | | Posted: January 9, 2012, 6:23 pm - IP Logged | |
Just another 1.5 hours of work for each of the winners to spend obtaining, copying, creating mailing envelope, and mailing their own copy of 'returned check' fees proof by their financial institution to the lottery headquarters for reimbursement. It's a BIG hassle and time waster for both the winner and the lottery headquarters office personnel.  Having millions of dollars in my financial accounts means more, consistent fun for me.
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NY United States Member #24178 October 16, 2005 2244 Posts Offline | | Posted: January 11, 2012, 1:38 am - IP Logged | |
Now how do you claim the taxes?????????? FY 2011 or FY2012???????????? The checks were cut in 2011 but you actually didn't get the funds until 2012 because they forgot to validate the checks until 2012. I guess you will have to talk to your tax advisor.................... Since they were actually paid in 2012 they can claim it as 2012 income. People have trouble collecting money that is reported on W-2's and 1099's all the time, so it will hardly be the first time the IRS has seen it happen. Of course it's probably simpler to just go ahead and pay the taxes on their 2011 returns and be done with it. The average prize is less than $2000, and most winners will probably owe less than $500. If they just leave that in their checking account for a year they'll probably earn about $1 in interest. | | |
gallatin tn United States Member #106530 February 20, 2011 527 Posts Offline | | Posted: January 16, 2012, 11:19 pm - IP Logged | |
now that was a good move. pay for the check bank fee. | | |
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