Virginia Lottery's new in-state game awards $1 million, taxes paid

Comment #21

realtorjim — Mon, 14 Sep 2015 18:53:00 GMT

You are forgetting one important aspect... GREED! The Beatles hit the nail on the head when they sang And you're working for no one but me TAXMAN .

Comment #20

Scratch$ — Tue, 08 Sep 2015 02:58:45 GMT

The FedGov should get no more than 10%, and the states no more than 5%.

Comment #19

mikeintexas — Thu, 27 Aug 2015 00:34:48 GMT

I griped about that very thing a yr. or so ago in another thread. Lottery wins are counted as ordinary income, yet how can the govt. claim a JP win is ordinary ? It's really more of a windfall profits tax. I can understand - even if I don't agree with the percentages - taxing the $413, 400 top bracket income (on single filers, it's more for married/filing jointly and head of household) at 39.6% , that's income that's most likely fairly consistent- but a multi-million dollar lottery win is a once... [ More ]

Comment #18

HaveABall — Wed, 26 Aug 2015 12:16:38 GMT

Well, KY Floyd, it's all in the WORDING, isn't it! This game still sounds like a good deal (though I wouldn't play it because the jackpot prizes don't meet my needs). However, KY Floyd, thanks for breaking down how much is really banked after the remainder taxes are taken out the following year. Cheers

Comment #17

DELotteryPlyr — Wed, 26 Aug 2015 09:12:50 GMT

It is nice that there are betting OPTIONS that must add up to $2, that is new to me. Never seen that before.

Comment #16

KY Floyd — Wed, 26 Aug 2015 05:26:32 GMT

This is a really great idea. Win a million, actually bank a million.

There's a reason they're calling the game Bank a Million instead of Tax-free Million or something similar. If you were to win they'd give you an even $1 million dollars, so you really could put a million in the bank, but you won't clear a million after taxes.

The prize is just big enough to cover the required tax withholding, which is 25% for federal taxes and 4% for VA income tax. Since that prize will put you in the to... [ More ]

Comment #15

Artist77 — Wed, 26 Aug 2015 00:07:09 GMT

Don't get attached to this game. I am sure it will be replaced in less than a year with something else. Bring back Decades of Dollars.

Comment #14

faber98 — Tue, 25 Aug 2015 22:49:43 GMT

the 2.00 price tag negates most of the value in this game. better off searching for another state lottery with a 40 or under matrix pik 6 that traditionally charges 1.00 a line and has a jackpot higher than the paltry million. not sneezing at a million mind you but if you shop you can do better.

Comment #13

rasean75 — Tue, 25 Aug 2015 17:50:08 GMT

I'm in the state and agree with you on that. Only reason I stop now is for my pick numbers.

Comment #12

MillionsWanted — Tue, 25 Aug 2015 11:11:07 GMT

What you win is what you get. Not bad - for lotteries in the United States.

Most state run lotteries in Europe are tax exempt. Neither the lotteries nor players pay taxes for the wins.

Comment #11

maringoman — Tue, 25 Aug 2015 10:11:41 GMT

25% federal withholding is so much taxes that it doesn't make sense to tax jackpots at state level. If California gets that why won't Massachusetts

Comment #10

maximumfun — Tue, 25 Aug 2015 03:31:25 GMT

Couldn't PowerBall and MegaMillions also be called tax free if they upped the amount initially withheld and only listed the post tax amount as the winning jackpot

Comment #9

MeAndMyArrow — Tue, 25 Aug 2015 03:16:16 GMT

Meh. All Lotto winnings should be tax-exempt. The governments already make enough money off them.

Even the People's Republic of California doesn't withhold state taxes from lottery winnings if you're a resident.

Comment #8

LottoLucy — Mon, 24 Aug 2015 20:11:50 GMT

The post has expired on Craig's List.

Comment #7

LottoLucy — Mon, 24 Aug 2015 20:01:54 GMT

Hmmm. I have been shunning VA since they got rid of my beloved Decades of Dollars. I don't enjoy Cash 4 Life and I hated Money Ball. This just may entice me back over the border.

Comment #6

savagegoose — Mon, 24 Aug 2015 18:51:13 GMT

I approve of this lotto

Comment #5

Groppo — Mon, 24 Aug 2015 18:02:45 GMT

IF YOU WANT TO SEE WHAT'S GOING ON WITH TAXES AND LOTTO, SEE THE CRAIGSLIST HEADING:

Maryland Charges Way Too Much Lotto Tax .

I think it explains it well. It even credits this site USAMEGA as the source for what it talks about.

I don't think it mentions this new Virginia game, though.

Comment #4

HoLeeKau — Mon, 24 Aug 2015 17:54:34 GMT

Glad to see VA is at least advertising the full prize including the taxes they pay to clue people in that they will owe taxes on that money too.

Hot Lotto pays 25% of fed tax and I believe all of the state tax, but they advertise (at least in my state) that what you see is what you get because taxes are paid. Nope, not true. You'll end up paying the residual 15% fed tax and any state tax on the additional amount that the lottery already paid for you.

Comment #3

Teddi — Mon, 24 Aug 2015 17:00:58 GMT

This is a really great idea. Win a million, actually bank a million. Plus the option to play for lesser prizes, which should shut those up who complain about $x being too much money to give to one person. They can actually choose which amount they want to play for. Would be awesome if some of the MUSL games accepted this idea. Imagine winning $100 million and actually banking $100 million like in England.

Comment #2

jarasan — Mon, 24 Aug 2015 15:19:27 GMT

Dang I might be driving over to Ole' Virginny to pick me up some of them bank numbers, of course, not during rush hour.

Comment #1

mypiemaster — Mon, 24 Aug 2015 14:19:00 GMT

You might bank a million, just keep in mind that the extra fluff still counts against you as ordinary income.

Virginia Lottery's new in-state game awards $1 million, taxes paid

Lottery Post — Mon, 24 Aug 2015 12:53:05 GMT

$1,000,000 Money Ball game being retired

Wouldn't it be nice if you won some money, and you received a bonus to pay the taxes on your windfall? That's the idea behind the Virginia's Lottery's newest game, Bank a Million.

The top prize in this new draw game is $1 million, but winners of that prize receive something extra. The top prize amount is calculated so that winners actually receive $1 million after the federal and state tax-withholdings. In other words, winners get to actually bank a... [ More ]