Mega Millions - State Matters

Reply #15

four4me — Mon, 11 Apr 2005 14:28:24 GMT

what Todd said is correct. many states have to rebuild 100 plus yr old infrastructures and aren't going to be able to do it without generating additional income. If anything many states will adapt to taxes, as did Ohio when they found out how much revenu they lost when they sold a winning mega mil ticket. I think they re wrote the charter to include taxes on a jackpot win.

Reply #14

Todd — Mon, 11 Apr 2005 14:08:56 GMT

I doubt it. Most states are looking for ways to increase revenues at this point, so it would be highly unlikely they would get rid of a tax. That's the terrible thing about taxes in general: once you start a tax stream, it is almost impossible to get rid of it.After all, look at how hard it was for President Bush to get through his modest tax relief package in the past few years.

Reply #13

DoctorEw220 — Mon, 11 Apr 2005 13:58:40 GMT

are more states moving away from charging state taxes on lottery winnings

Reply #12

Todd — Mon, 11 Apr 2005 13:56:57 GMT

Quote: Originally posted by CASH Only on April 11, 2005Jimmy:You'd have to pay state tax if you win MM, even in NJ.Not if you lived in NJ and bought the ticket in NJ - then you would only pay federal taxes.

Reply #11

DoctorEw220 — Mon, 11 Apr 2005 13:56:31 GMT

Quote: Originally posted by JimmySand9 on April 10, 2005 I buy Mega Millions in New Jersey, and I live in Pennsylvania. Neither state charges income tax on lottery winnings. I'm in a pretty good situation.you would be paying state income tax in NJ, most likely.here's how it works:let's say that you live in VA. you purchase a powerball ticket in WV, which does not tax their lottery winners. you win the jackpot. because you do not claim residency in WV, they charge state tax on your winnings. look... [ More ]

Reply #10

CASH Only — Mon, 11 Apr 2005 13:44:04 GMT

Jimmy:You'd have to pay state tax if you win MM, even in NJ.

Reply #9

Todd — Mon, 11 Apr 2005 01:48:52 GMT

Quote: Originally posted by PrisonerSix on April 10, 2005Quote: Originally posted by DoctorEw220 on April 9, 2005 remember that if you are from out of state, and you win the jackpot in a state that doesn't tax its residents if they win, you will still have to pay state taxes. it's a weird rule.From what I understand about state income taxes, you have to pay based on the state in which you reside. In other words if you win in a state with no income tax and you live in a state that has income tax,... [ More ]

Reply #8

JimmySand9 — Sun, 10 Apr 2005 18:03:59 GMT

I buy Mega Millions in New Jersey, and I live in Pennsylvania. Neither state charges income tax on lottery winnings. I'm in a pretty good situation.

Reply #7

Litebets27 — Sun, 10 Apr 2005 14:49:56 GMT

Take a look at Marylands' payout on the Mega Jackpot Analysis. It shows two payouts. One for in-state residents and one for out of state. So, if you buy your ticket here, and you don't live in a tax-free state, you will get screwed all the way around. Notice, we have the highest amount of taxes taken out on a winning ticket.Good lucklitebets

Reply #6

PrisonerSix — Sun, 10 Apr 2005 13:28:40 GMT

Quote: Originally posted by DoctorEw220 on April 9, 2005 remember that if you are from out of state, and you win the jackpot in a state that doesn't tax its residents if they win, you will still have to pay state taxes. it's a weird rule.From what I understand about state income taxes, you have to pay based on the state in which you reside. In other words if you win in a state with no income tax and you live in a state that has income tax, you'd still have to pay.PrisonerSix

Reply #5

dvdiva — Sun, 10 Apr 2005 06:55:37 GMT

Well you would think NY tax collectors would say give us the 6.85% and to hell with Connecticut. If you decide to come to Washington we don't have a state income tax but you can feel free to vote over here - everyone else does.

Reply #4

Todd — Sat, 09 Apr 2005 19:02:21 GMT

...And thanks for the nice words about the USA Mega Jackpot Analysis

Reply #3

Todd — Sat, 09 Apr 2005 19:01:35 GMT

Quote: Originally posted by JAG331 on April 9, 2005Interesting....I live in CT.So, If I won on a ticket from NJ, with 0% state tax, I would pay 5% CT Lottery Tax...or would NY want a cut because they're in the middle?But if I won in NY, I would have to pay the 6.85% Tax, and couldn't opt for the 5% CT Tax? I think NY would make you pay the difference (1.85%) and 5% would go to CT. However, that's just a gut call, based on my past dealing with the NY tax authorities.

Reply #2

JAG331 — Sat, 09 Apr 2005 18:00:53 GMT

Interesting....I live in CT.So, If I won on a ticket from NJ, with 0% state tax, I would pay 5% CT Lottery Tax...or would NY want a cut because they're in the middle?But if I won in NY, I would have to pay the 6.85% Tax, and couldn't opt for the 5% CT Tax

Reply #1

DoctorEw220 — Sat, 09 Apr 2005 17:52:39 GMT

remember that if you are from out of state, and you win the jackpot in a state that doesn't tax its residents if they win, you will still have to pay state taxes. it's a weird rule.

Mega Millions - State Matters

JAG331 — Sat, 09 Apr 2005 17:27:30 GMT

When the jackpots get this high, your take home cash can be affected by $5-10 million depending on in which state you purchase your ticket.I do love USA Mega's Jackpot Analysis! Although you'll certainly have a higher tax liability than 25% if you win the jackpot. You'd probably be paying close to another $7 million in Federal Tax than the amounts below.Mega Millions $120 million for 4/12/05. Cash values:New York: $47,705,000 after taxesNew Jersey: $52,500,000 after taxesThat's a $5 million d... [ More ]