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New Michigan Raffle

Topic closed. 17 replies. Last post 1 year ago by Tatototman65.

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Marquette, MI
United States
Member #20541
August 20, 2005
466 Posts
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Posted: January 28, 2013, 12:56 am - IP Logged

I see signs for a new Michigan Raffle.

Drawing is April 15

Price $10

Prizes

$40,000 supposedly tax free
$100
$50
$15

Now, lets see, to be tax free to everyone in Michigan
We have to figure the max taxes

1-.396(fed rate)-.038(Obamacare rate)-0425(Michigan rate)-.025(Michigan city tax rate...not sure what the
2013 rate is but it probably didn't change)

so we have .4985

40,000/.4985=$80,240.72

I wonder if the top prizes really will be $80,240.72 or if the "tax free" claim is accurate.

You may wonder why the Obamacare rate is in there.  Well, in order to be tax free you have to figure that the $40,000 may push someone into paying it.  The Michigan city rate is in there because someone in a city that has income taxes might win.

Theoretically, somebody could walk away with less than half the prize!

I bet when they announce it there will be lots of fine print saying that they didn't really mean it is tax free.

    sully16's avatar - sharan
    Listens to the wind

    United States
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    October 28, 2009
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    Posted: January 28, 2013, 6:58 am - IP Logged

    Thanks Think, I hope they sell them out in times, seems like they have a tough time anymore.

    There's only one US Flag

      dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
      Oklahoma
      United States
      Member #82391
      November 12, 2009
      5223 Posts
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      Posted: January 28, 2013, 8:52 am - IP Logged

      That sounds cool, I wish Oklahoma had a RaffleBang Head.

      I Love Pink & Green 1908

        rdgrnr's avatar - walt
        -Ridge Runner- Oracle of the Appalachians
        Way back up in them dadgum hills, son!
        United States
        Member #73904
        April 28, 2009
        14903 Posts
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        Posted: January 28, 2013, 1:20 pm - IP Logged

        That sounds cool, I wish Oklahoma had a RaffleBang Head.

        I've asked the Dragon Lady two or three times if we could have a raffle here in TN.

        She said no, and she said if I ask one more time she will eat my liver with fava beans and a nice Chianti.

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          New Member
          MI
          United States
          Member #138481
          January 28, 2013
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          Posted: January 28, 2013, 4:50 pm - IP Logged

          The raffles really slowed and the MI Lottery had to keep moving the draw date because of slow sales. That killed them. I'm surprised they are bringing it back. The prizes are smaller so they must be thinking that more people will play. YOu can win $15, $25, prizes like that, up to $40,000.

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            New Member
            MI
            United States
            Member #138481
            January 28, 2013
            5 Posts
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            Posted: January 28, 2013, 4:52 pm - IP Logged

            I see signs for a new Michigan Raffle.

            Drawing is April 15

            Price $10

            Prizes

            $40,000 supposedly tax free
            $100
            $50
            $15

            Now, lets see, to be tax free to everyone in Michigan
            We have to figure the max taxes

            1-.396(fed rate)-.038(Obamacare rate)-0425(Michigan rate)-.025(Michigan city tax rate...not sure what the
            2013 rate is but it probably didn't change)

            so we have .4985

            40,000/.4985=$80,240.72

            I wonder if the top prizes really will be $80,240.72 or if the "tax free" claim is accurate.

            You may wonder why the Obamacare rate is in there.  Well, in order to be tax free you have to figure that the $40,000 may push someone into paying it.  The Michigan city rate is in there because someone in a city that has income taxes might win.

            Theoretically, somebody could walk away with less than half the prize!

            I bet when they announce it there will be lots of fine print saying that they didn't really mean it is tax free.

            That's funny...the state has done a Tax Free instant ticket before but I never looked at the small print. But then, I don't think anyone found that top prize on that game anyway. Michigan is horrible with giving away their top prizes.

              dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
              Oklahoma
              United States
              Member #82391
              November 12, 2009
              5223 Posts
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              Posted: January 28, 2013, 8:45 pm - IP Logged

              I've asked the Dragon Lady two or three times if we could have a raffle here in TN.

              She said no, and she said if I ask one more time she will eat my liver with fava beans and a nice Chianti.

              Lol.... Is the Dragon Lady name ClariceWink

              I Love Pink & Green 1908

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                Marquette, MI
                United States
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                August 20, 2005
                466 Posts
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                Posted: February 8, 2013, 11:47 am - IP Logged

                Looking at the prize structure, I'm guessing that they intend the top prize to be about $56,000 (before taxes).

                  rdgrnr's avatar - walt
                  -Ridge Runner- Oracle of the Appalachians
                  Way back up in them dadgum hills, son!
                  United States
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                  Posted: February 8, 2013, 11:04 pm - IP Logged

                  Lol.... Is the Dragon Lady name ClariceWink

                  No, I think her maiden name was Lecter though.Wink

                    rowlettewheel's avatar - 968908 590114387697959_291923675_n.jpg
                    LAKELAND MICHIGAN
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                    Member #44729
                    August 8, 2006
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                    Posted: February 10, 2013, 1:34 pm - IP Logged

                    i still think you'll get a 1099 formed it is an income ...there for  you will be taxed ...right ?

                    some day....some day

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                      Marquette, MI
                      United States
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                      Posted: February 11, 2013, 12:09 pm - IP Logged

                      i still think you'll get a 1099 formed it is an income ...there for  you will be taxed ...right ?

                      Well, it is on the website now-

                      "The Lottery is not responsible for additional taxes in excess of the amount withheld by the Lottery that may be due when a prize winner files all tax returns for the year the prize is claimed."

                      I.E. the prize really isn't tax free!

                      You can find it on michiganlottery.com when you click on the raffle link.

                      The only reason I am really bringing this up is the hypocrisy of it.  Years ago furniture and appliance stores in Michigan would have sales where you allegedly paid no sales tax(of course, the sales tax was covered in the listed sales price).  The state said that was a false advertising claim and made them stop.

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                        Marquette, MI
                        United States
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                        Posted: February 11, 2013, 12:11 pm - IP Logged

                        Oh, BTW of course I'm buying a ticket.

                          rowlettewheel's avatar - 968908 590114387697959_291923675_n.jpg
                          LAKELAND MICHIGAN
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                          August 8, 2006
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                          Posted: February 11, 2013, 7:15 pm - IP Logged

                          Oh, BTW of course I'm buying a ticket.

                          Big SmileI would have today .............but the three stores threw out my trave todayl were'nt selling them....odd i thought, I drive from livingston county threw washtenaw to lenawee county and back of course....lol

                          some day....some day

                            rowlettewheel's avatar - 968908 590114387697959_291923675_n.jpg
                            LAKELAND MICHIGAN
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                            August 8, 2006
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                            Posted: February 12, 2013, 8:38 pm - IP Logged

                            well i got a ticket #005827

                            some day....some day

                              sully16's avatar - sharan
                              Listens to the wind

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                              October 28, 2009
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                              Posted: February 13, 2013, 9:08 am - IP Logged

                              Good luck everyone

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