Winning the Lottery and taxes

Reply #14

TNPATL — Wed, 13 Apr 2005 20:20:00 GMT

Some good information has been provided!! Thank you

Reply #13

Pick-4_Master — Wed, 13 Apr 2005 16:13:05 GMT

Now is that after taxes

Reply #12

Pick-4_Master — Wed, 13 Apr 2005 16:12:14 GMT

Thanks CASH ONLY my math is a little rusty I was $44,000 off

Reply #11

CASH Only — Wed, 13 Apr 2005 16:05:57 GMT

p4:3m/30=100k/yr.

Reply #10

Pick-4_Master — Wed, 13 Apr 2005 16:03:49 GMT

Here's a question on the same subject if you won a $3 million Jackpot in FL and chosethe Annuity which is 30 yrs how much would you recieve each year I figured out around $144,000/yr correct me if I'm wrong.

Reply #9

Lottery_Analyst — Wed, 13 Apr 2005 15:08:41 GMT

Hi four4me,Glad to hear that you understand about the need for keeping a log. I just wanted to make sure that everyone else understood. True the Lottery ticket has the vendor code and date where you bought the ticket, but the IRS does require name or names of witnesses and additional info. I buy my tickets at the same store each evening and know the shop owner and he is my witness. I am studying now to get my CPA and I have a CPA friend that told me last year that he had two clients that had... [ More ]

Reply #8

four4me — Wed, 13 Apr 2005 14:44:16 GMT

i understand about keeping a log. my tickets have codes on them from the site that they were purchased they contain the date. There are tax clauses for claiming gambling wins and losses. if you itemize deductions. Unless your tax forms contain information that might ring a bell with an irs tax employee you should be ok. Something like claiming 5000 dollars in losses on a 6000 win within a 30 day period would ring such a bell. They know nobody is going to spend 5000 on lottery tickets in a 30 da... [ More ]

Reply #7

LOTTOMIKE — Wed, 13 Apr 2005 10:31:37 GMT

ok here is a real good question for everybody....say you win 8 cash 4 drawings at 2,500 a winning ticket for a grand total of 20,000 dollars won that year...how much taxes do you pay all together

Reply #6

ineed9million — Wed, 13 Apr 2005 03:19:19 GMT

this is good info.

Reply #5

GoArmy — Wed, 13 Apr 2005 03:15:42 GMT

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... [ More ]

Reply #4

Bingo Long — Wed, 13 Apr 2005 03:07:33 GMT

And deductions vary by state. You can't deduct your losers in MA, for example.If you win $80,000 the lottery will withhold 25% for the feds, and maybe an additional percentage for the state. 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 job.If 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 estima... [ More ]

Reply #3

ryanm — Tue, 12 Apr 2005 21:22:53 GMT

You can only write off losing tickets if you itemize deductions though.

Reply #2

TNPATL — Tue, 12 Apr 2005 20:49:29 GMT

I did not realize you could write off losing tickets if you win. Cool!!! Thanks for letting me know.

Reply #1

qutgnt — Tue, 12 Apr 2005 17:36:06 GMT

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. I was at horse track SAturday and I picked up a few big losing tickets just in case. Nice to show a years worth of tickets than just tickets dated after you won the jackpot to show you truly did play the lottery all year long. That away in the case you mentioined of winning say 80 where approx 24k or so is right off the top, you can get money back at end of year.

Winning the Lottery and taxes

TNPATL — Tue, 12 Apr 2005 16:47:02 GMT

I'm curious. I know when you win State and Federal take their portion off the topc, but how would winning for example (I live in Atlanta) a Fantasy 5 jackpot for let's say $80,000 grand affect a person when they file their taxes? I know the lottery commision reports when a person wins.No I have not won......YET, but I was curious.