Three states replacing Lotto South game

Comment #10

NoCompLotto! — Sat, 14 Jan 2006 05:34:10 GMT

On the taxes... it's anything over $5,000 where withholding is required. If you took the lump sum, then your taxes (but not your full liability) would be immediately taken out, but assuming you did actually get a check every week, the lottery is not required to withhold anything from them unless you direct them to. Anything won over $600 is when you have to pay taxes.

Comment #9

vincejr — Fri, 13 Jan 2006 04:09:01 GMT

If they run this game like they have run the scratch-off Win for Life games, even though the prize is $1,000 a week for life , the payments are actually made quarterly. Doing it this way simplify's the tax withholding as well as saves the state money as 4 checks cost a heck of a lot less to print and mail than 52 checks.

Comment #8

smd173 — Fri, 13 Jan 2006 03:48:18 GMT

Anything over $601 has to have federal withholding taken out.But let's say it wasn't and you did have to make quarterly payments to the IRS. You say it would be a headache to get a weekly check, do some simple math (subtraction), sign your name, and slap a stamp on an envelope?Heck, you have to just about do that to pay your electric bill

Comment #7

bks2 — Thu, 12 Jan 2006 23:11:43 GMT

1 in 5 million chance of winning and all you get is a cash value of 520 thousand, or 52 thousand a year for life. You would have to stay alive for 40 years just to make 2 million dollars. I'd stick with pick six with a rolling jackpot, my states pick six jackpot is 20 million with a 1 in 10 million chance of winning, double the odds for 40 times more money should be a easy choice.

Comment #6

Todd — Thu, 12 Jan 2006 16:34:05 GMT

I personally like Lotto South a lot, and wish they'd put some marketing muscle behind it, instead of punting it.

Comment #5

MrBobb — Thu, 12 Jan 2006 15:06:08 GMT

It's not a life-changing type product, but it could make things a little nicer ... Anyone who picks all six will win $1,000 a week for life, with at least 10 years of payments guaranteed to winners or their heirs. Winners also may choose a lump sum of $520,000 before taxes... If a player chooses $1,000 a week for life, I wonder how the taxes will be handled. If taxes aren't automatically withheld from every check, I would guess that the player would be responsible for making quarterly tax paym... [ More ]

Comment #4

Tnplayer805 — Thu, 12 Jan 2006 14:35:16 GMT

I would play for the better odds myself.

Comment #3

Tang — Thu, 12 Jan 2006 14:18:47 GMT

My dad was talking with me about this and I just thought he got his info wrong but now I see he was right. Yes, time will tell about this new game.

Comment #2

DoubleDown — Thu, 12 Jan 2006 13:38:45 GMT

As said here before, win for life is too gimmicky for me.

Comment #1

LOTTOMIKE — Thu, 12 Jan 2006 12:17:54 GMT

time will tell if they made the right choice with this game.i would probably play it if it were here in tennessee......

Three states replacing Lotto South game

Lottery Post — Thu, 12 Jan 2006 11:45:01 GMT

Like a tired mule whose best days are behind him, Lotto South is being retired and a fresh workhorse brought in to pick up the production.The three-state lottery game, which began in September 2001, will be replaced next month by a new game that pays winners $1,000 a week for the rest of their lives, Virginia Lottery interim executive director Donna M. VanCleave said Thursday. Virginia's Lotto South partners, Kentucky and Georgia, also will participate in the new Win For Life game.Lotto South... [ More ]