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Winning the Lottery and taxesReply
Just make sure you save all your losers for the year. So when you do win you have a bag of losers you can write off the next year.They'll give you a W2 (actually, a W-2G, but it acts the same), and you just figure your taxes like normal, with this W2 plus the one from your jobIf you win less than $5k but more than $600, it's a little trickier. They give you a W2, but don't withhold anything. Which means you probably have to pay estimated taxes. But maybe not. Anyway, it's something to look out f
Apr 12, 2005, 11:15 pm - GoArmy - Lottery Discussion Forum

Record lottery winner's wealth cost him dearlyNews Story
It was coming up on Christmas, and Brenda-the-biscuit-lady was inexplicably happy as she walked to work in the predawn darkness. Brenda didn't just make biscuits over at the C L Super Serve for $6 an hour. She served up good cheer. How you doin', honey? she'd greet customers, with such enthusiasm that they had no choice but to smile back. Dad-gonnit, you are growing up on me! she'd call to schoolchildren, just to see them grin. What grade you in now? At 39, Brenda Higginbotham didn't have muc
Jan 31, 2005, 9:36 am - Todd - Lottery News

TAX... lower tier prizesReply
Speaking from recent experiences, and I think someone has clarified it already but I will summary it with this. 1. When I won a $500.00 ticket on Pick3 straight, I can cash it instantly at any store with lottery machines. 2. When I won a $600.00 ticket on a Pick4, I need to take it to the lottery claiming center with a form download available online. (this is strictly VA not sure about others) 3. When I won a $26,000 I was told taxes will be deducted right at the counter, 25% fed
Dec 9, 2013, 10:28 am - p4wanbi - Lottery Discussion Forum

Richard Lustig on TVReply
You probably don't spend enough on lottery tickets to use his advice. 1) Save losing tickets to use when filing taxes If you win a $10,000 prize or more your losing lottery tickets may help push your loses to more than the standard deduction of ~$7,000 which you get normally. 2) Don't buy quick picks If you're buying 25 or more tickets per drawing, then you want to avoid duplications of 4 numbers combinations to increase your coverage and you can't guarantee that buying QPs. 3) Wh
Apr 28, 2011, 1:10 pm - RJOh - Lottery Discussion Forum

Played through $20 Florida Millionaire's Club roll todayReply
I agree, my experience with the $5 has been 1 in 8 and then out of 50.00 spent it's only a 10.00 winner. If I don't find someone to split costs with, i'll be going down to a 10.00 ticket. but I 'd say stay with a 10 or 20 dollar ticket. Here are the tickets I tried, (I save them for taxes to claim if I do win over 600.00) and from gathering info from clerks and a few other people that play and did not have luck with these as well. Dolphins, Bucs, Golden Goose, Nutcracker, Ruby Red 7's,and I'm
Jan 24, 2011, 9:46 pm - wish626 - Instant ("Scratch-Off") Games Forum

Do you save your tickets?Reply
Yes, I save my tickets. like most of you, I was doing so, in case I hit a second or third place prize. (first would be better) All this year I have been saving and logging my losing tickets, Heres something that I never considered untill recently, that you may want to think about. like for instance, I don't know if you are aware but the powerplay option on the Powerball is an automatic 10 for this Sats draw!!... it wouldn't take much of a hit to push me over the 600 dollar mark, forc
Mar 29, 2008, 9:42 am - LottoAce - Lottery Discussion Forum

How much have you WON?Reply
Twice hit straight Pick 4's in MD. for $5,000 each past two years, several $400-$600 range in Keno and Bonus match Five. I always reccommend keeping losing tickets cause of the tax man. You have to fill out a form for amounts over $600.00 at the place you cash in, then they send you a couple of weeks later a W2-G form for gambling winnings which you report as income on your taxes. You then can deduct up to your winning amount your gambling losses which needs to be documentable by losing tickets
Sep 1, 2006, 7:16 pm - jarasan - Lottery Discussion Forum

pts vs physical playingReply
Should you find someone to mail you tickets and you should win I hope you have concocted a good story to tell lottery officials how you happen to live in China and came to be in possession of a winning lottery ticket for an American lottery. You see if it were legal to send/receive lottery tickets in the states then people everywhere could get tickets mailed to them for any lottery game here in the states but the government said no we don't want that happening so they passed a law that prohibits
Feb 19, 2006, 12:18 pm - four4me - Lottery Discussion Forum

Having a lottery machine: Now that's the ticketNews Story
Critics raise questions as retailers play by the rules and win scores of jackpotsNew Jersey's 10 most frequent winners of lottery jackpots have one thing in common: Luck.But five of those top 10 winners have something else going for them: A store that sells lottery tickets. We play, we win, explained Mahendra Vora, standing behind the counter of Everything Nice, a stationery store on Bergenline Avenue in West New York that he owns with his wife, Sudha.Together, the lucky couple has claimed 175
Dec 27, 2005, 6:49 am - Todd - Lottery News

Georgia man hits the Mega Millions jackpot twiceNews Story
A Georgia man held two of three winning tickets for a $70 million Mega Millions lottery jackpot, good for a cash option prize of $26.6 million before taxes, lottery officials said.Stephen Cooke of Roswell, Georgia, a recently hired bus driver by Fulton County, said Wednesday that he didn't realize until he went to claim the prize that he had double-purchased the winning numbers for Tuesday's drawing.Cooke will share the $70 million jackpot with the owner of another Mega Millions ticket purchased
Nov 13, 2003, 5:31 am - Todd - Lottery News