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Florida Scratch Offs - Post Pictures if posibleReply
Hi Speeddmon, in the FL Lotto press releases those big checks to go along with all those big smiles always show the wins in todays dollars....but that win amount is, in reality, spread over many years (usually 20). The Lotto gives such winners the option to get paid right away in one lump sum, but at a discounted amount, since future inflation would erode the buying power of the annual payment if the annual $ option was chosen (think of if you bought a car 20 years ago what would a comparable on
Feb 5, 2023, 4:41 am - Cape $cratcher - Instant ("Scratch-Off") Games Forum

165 Belgians in one town share €143 million EuroMillions jackpotReply
First of all why is the government getting a cut period!? Second of all they won two billion. If the take lump sum (cut in half) then they pay your quoted taxes. But that is taxes on one billion, not two like they advertised they won. Take 37% of TWO billion and see what they would have to pay. And again, why is the government getting a cut at all? And why 37%, the highest bracket they can charge?More countries don't tax their lottery winners than the ones that do... But I digress. That is n
Dec 25, 2022, 2:25 am - Dead_Aim - Lottery News

Post Your Winning Tickets HereReply
If you took it over 25 years they would pay off $40,000 a year, which would give you the $1,000,000 gross prize, net taxes the payments would have been about $30,200. I took lump sum, so they give you $820,000 gross and then you get taxed at 37%. Add another 5% for Alabama :( There was another person at Tallahassee with me on Monday. He lives in Florida where he should net $516,000, whereas I live in Alabama and will pay another $41,000 in taxes giving me a net win of $475,600. Still not b
Aug 4, 2022, 12:13 am - dromt - Lottery Discussion Forum

Why isn't there a choice to split the Lump sum and the Annuity?Reply
Obviously an option, but it's an inferior option. The lottery invests the entire untaxed cash value, but if you take the cash you'll only be able to invest what's left after you've paid taxes. Current cash/annuity values are a bit lower, but if we figured the cash value of the $50 million mentioned by the OP was 60% a split option directly from the lottery would give you $15 million cash (pre-tax, or about $7.5 to $10 million net) and a $25 million annuity. The DIY option would start as $30 m
Jul 1, 2022, 9:57 pm - KY Floyd - Lottery Discussion Forum

The ever increasingly inflated jackpot prizes for MM and PBReply
When interest rates were stable, the take home cash value after federal taxes was around 1/3 of the advertised jackpot. Setting aside the fact the United States is the only country that taxes lottery wins Never lived in Bulgaria so don't know if they tax gambling winnings or not, but in the U.S. lottery winnings are defined as gambling winnings and is defined as income. Winners get a W-2G for $600 or more if the amount is at least 300 times the wager (the payer has the option to reduce
Feb 27, 2023, 11:17 pm - Stack47 - Lottery Discussion Forum

Lottery state chart/anonymity and claimantsReply
Thank you Todd. A perfect answer. I had to check the calendar to confirm it was not April 1st. 1) Had Ms. KOE performed even 30 seconds of research, she could have easily determined that US states are not the same as US territories and vice versa and US territories are not a part of the USA. Territories are not states and not referred to as states but I learned that in 4th grade as apparently nearly 145,000 views of this summary confirm their understanding as well. https://www.masterc
Jun 14, 2022, 8:11 pm - Artist77 - Jackpot Games Forum

North Carolina 18-year-old wins $1 million in lottery after asking sister to buy ticket for himReply
Your tax guy does not sound like he is helping you. Put money into an IRA or roth IRA so you can keep more of your money. You can also pay estimated taxes online quarterly.
May 27, 2024, 11:53 am - Artist77 - Lottery News

North Carolina 18-year-old wins $1 million in lottery after asking sister to buy ticket for himReply
??? It is not double taxation. You report on your return the taxes that were withheld by the casino or lottery. The withholding was on your behalf.
May 27, 2024, 8:08 am - Artist77 - Lottery News

North Carolina 18-year-old wins $1 million in lottery after asking sister to buy ticket for himReply
All lottery winnings are taxable. If you win $300 a week every week, it is still taxable and reportable on your tax return. Lottery wins of $600 or more are reported to the IRS by the lottery. Just because an entity like a casino only withholds taxes over a certain amount of $, this has no bearing on the fact that all winnings are subject to taxation and reportable on your tax return.
May 27, 2024, 7:52 am - Artist77 - Lottery News

Virginia Lottery retailers escalate boycott, halt ALL lottery ticket sales until further noticeReply
I'm pretty sure that's how it's supposed to work, but some people have an advantage in life. Not everyone starts from ground zero. Ever heard of generational wealth being passed down or emigrating from a country and being handed funds to start businesses. No taxes Guess that never crossed your mind huh ?
May 11, 2024, 11:22 am - hlamb - Lottery News