Understanding Euromillions taxes for U.S.

Reply #22

BaristaExpress — Fri, 27 Jan 2006 01:45:17 GMT

Phokas, I never made any DEATH THREATS to you or anyone else! Just for your information, you couldn't be further from any truth of any kind! The only person here that has SERIOUS ISSUES here IS YOU! And talking about being drunk or stoned, You better get your head out of the Clouds or the bottle! Which is it? You really are disturbed and it shows! Reading things that wasn't said in any way shape or form, really shows that you are delusional and in need of HELP! Stop denying it any longer and go... [ More ]

Reply #21

Phokas — Fri, 27 Jan 2006 00:57:17 GMT

You said: I have...yet to see this redistributed BS you are talking about. And so what? You never heard of a tax return? You never heard of social security or unemployment benefits or educational grants?Listen, such programs are there to help people along not make people rich over night.Like I said previously, most people take such things for granted. In many other countries they don't have such assistance of any sort from anyone. But we do. It's better than nothing. And people in other coun... [ More ]

Reply #20

Phokas — Fri, 27 Jan 2006 00:30:37 GMT

You got some serious issues. Obviously I got way too close to the truth for your comfort level. Making death threats certainly doesn't make you a sound person. Get help, you really need it.But lets look at something you said ...you sound like the generation that has always had everything handed to them! But now, you are on your own and you have to struggle for everything and it pisses you off that it's so hard! How can someone who has, as you claim, had everyhing handed to him now have to strug... [ More ]

Reply #19

BaristaExpress — Thu, 26 Jan 2006 05:06:50 GMT

Phokas, How does my living in Delaware make a difference about being taxed fairly? I have nothing to do with what the State did about state sales taxes before I moved here in 2001! They did it not me, so your barking up the wrong tree! If you have a problem about what the state of Delaware is doing about state sales taxes, then write them and voice your opinion and complain about it to them and the laws they passed about not collecting a state sales tax! Not Me. Oh and while you're at it, why no... [ More ]

Reply #18

dvdiva — Thu, 26 Jan 2006 04:59:09 GMT

No real flame war. It's just a lot harder to win a jackpot than to plan for one.

Reply #17

danisiri — Thu, 26 Jan 2006 04:57:23 GMT

Well, thanks to everyone that contributed constructive information to this hypothetical question. I apologize for this thread turning into another flame war. I just wanted intellectual and enjoyable discussion.A most sincere thanks to all...especially to phokas

Reply #16

dvdiva — Thu, 26 Jan 2006 04:32:44 GMT

So the reason people like Senators Kerry, Kennedy and other non senatorial rich people have offshore trusts is because they don't love america? Or is it that they just peddle their redistribution scheme to those foolish enough to buy in to it. High tax rates punish the new rich and small business owners.I have had low wage jobs my entire life and have yet to see this redistributed BS you are talking about. While I have no hope of ever owning a house I don't expect the government to come to my... [ More ]

Reply #15

time*treat — Thu, 26 Jan 2006 02:44:30 GMT

Currently, U.S. citizens are taxed on foreign and domestic income, whether they reside in the states or not, with certain deductions as mentioned. Charities, foundations, and 503c's are treated differently. If you want to steward the money, this may be something to look into. If you look at large companies and wealthy athletes, many have a foundation named after them, and do their charity work, scholarship programs, donations to public broadcasting , sports camps, etc. through them. Given the... [ More ]

Reply #14

Phokas — Thu, 26 Jan 2006 02:29:04 GMT

You wrote: But, hey, I do not really care what you think of me... Really? So then why did you write eight paragraphs and quote scripture if you really don't care?You wrote: All that I currently have is God's. All that He gives me in the future is really His anyways. The question people should ask themselves is not how much do I have to give back to God but rather how much of God's resources would I dare keep for myself? Jesus said: Go and sell ALL that thou hast, and give it to the poor; and... [ More ]

Reply #13

Phokas — Thu, 26 Jan 2006 01:46:16 GMT

You complain about businesses avoiding tax but then want to be just like them and pay next to nothing yourself. And how much do you pay in things like sales tax living there in Delaware? Oh, that's right, you don't pay any sales tax. Yeah pal, you really can stand shoulder to shoulder with the average person you mention in your last comment. Poor you. You sound just like many people in that generation of Americans currently heading into retirement who feel just because you breathe air you shou... [ More ]

Reply #12

danisiri — Wed, 25 Jan 2006 23:02:21 GMT

I think you missed the point of this hypothetical discussion and by the honesty disclaimer on my initial posting. I have no problem paying taxes, but I do not want to be fleeced by our already over zealous federal and state governments. Alas, the money would not be all for me. In fact, it would be none for me , since the reason that I play the lottery at all is to meet the needs of others. As for as my needs, I am already taken care of by my Savior (John 3:16, Matthew 6). I need nothing m... [ More ]

Reply #11

BaristaExpress — Wed, 25 Jan 2006 07:06:46 GMT

Huh, as I see it, when big business/corporations pay very little or next to nothing in taxes and the average person pays 3-4 times more than they do, as an injustice to the majority in this country! And you can't tell me that there isn't a bunch of them out there that don't get Tax Credits every year and pay nothing every year or at the least, very, very little in taxes! So, when they start to pay their fair share, is the day I'll pay the IRS what it says I owe and not complain about it! But un... [ More ]

Reply #10

shalini — Wed, 25 Jan 2006 05:29:06 GMT

Well, I too think the taxation of the lottos is a bit ridiculous. Good advice Zulu.

Reply #9

Zulu — Wed, 25 Jan 2006 05:25:27 GMT

I find it ridiculous that the USA taxes lottery winnings. This is unheard of elsewhere. If you play the lottery does the US tax people give you a rebate if you win nothing? This appears to be the ultimate swindle by a government. If I was a US citizen and won the Eurolottery I would invest it in Europe and not tell the US authorities. Better still, emigrate to Europe or Australia.

Reply #8

Tx_Mega_Player — Wed, 25 Jan 2006 04:49:22 GMT

I agree

Reply #7

Phokas — Wed, 25 Jan 2006 00:55:51 GMT

If you were to win an overseas lottery why would you want to continue to live in America but not contribute to it in the form of taxation at the going rate? Taxation is part of the responsibility of being a U.S. citizen. Sure people don't enjoy paying taxes. But compared to the rest of the world the USA is a very comfortable society because of its infrastructure and public services and tax dollars go towards these. Tax dollars also get redistributed to help people on low wages and their families... [ More ]

Reply #6

TheGameGrl — Wed, 25 Jan 2006 00:55:30 GMT

USA does its dern'est to confuse the average citizen from ever finding the loop holes or savings that can be made. And yes your correct- the percentage is 35-38%. Not including your state and local taxes having to be paid. So it racks up to 47% in some state areas.With that said, its wise to ask a tax lawyer . Most here are involved in winning and playing and not really qualified to give tax advice without a license. A tax lawyer has to go thru the exam and be qualified to look out for your best... [ More ]

Reply #5

danisiri — Wed, 25 Jan 2006 00:05:36 GMT

Indeed, yes, the IRS is going to say to give them the money. I was just curious to see if anyone else had given serious research into this hypothetical situation. As for the 25% tax rate on foreign income, foreign income is taxed at whatever tax bracket you are at, in the case of a massive JP like this, it would be the top bracket (currently 35%).And, yes, I would hire the best tax attorneys and financial advisors I could get before claiming the JP, but even some of the best attorneys may not b... [ More ]

Reply #4

dvdiva — Tue, 24 Jan 2006 21:12:43 GMT

Of course the IRS is going to say give us the money. Advice is usually worth what you pay for it. Ask a well qualified pro that deals with international tax. You will have to pay for that advice but if you win it will be well worth it.

Reply #3

petergrfn — Tue, 24 Jan 2006 07:29:19 GMT

I don't know where you guys get your figures, but the best I can find with a little research is that the tax on a foreign income is 25%. That's for an individual; however I think tax on foreign income for a Partnership or LLC are income tax free as long as none of there investments are in the USA or are Invested in a US company overseas. So I would get a really good team of tax attorneys and financial advisors together before I claimed the jackpot. Mabey Incorprate in Ireland, I hear they g... [ More ]

Reply #2

danisiri — Tue, 24 Jan 2006 02:44:02 GMT

Allow me to clarify. If I were a resident and citizen of one of the Euromillions member countries, then it is my understanding that I would not pay taxes on the JP. But as a citizen and resident of the U.S., according to the IRS, I am required to pay income tax on any winnings whether foreign or domestic.Part of the discussion at LP about Euromillions has been on the fact that the JP is the cash value (fantastic!) and is tax-free if not brought into the U.S. But, the IRS seems to think that e... [ More ]

Reply #1

Just6ntlc — Mon, 23 Jan 2006 20:55:41 GMT

It would be strange if someone would win Euro Millions and then pay tax. It'll be a lot of income tax if only one ticket would win the Euro Millions jackpot.

Understanding Euromillions taxes for U.S.

danisiri — Mon, 23 Jan 2006 07:04:44 GMT

Given the high JP for Euromillions, I have been trying to figure out the best way to minimize income taxes and maximize interest income while still living in the U.S. I know that the actual JP is tax-free in Europe and that if the entire amount is brought into the U.S., then it is taxable. My question is if the JP money is left in Euros in a Swiss bank and is invested in European securities, then theoretically, the principal JP will never be taxed, only the interest income that is generated wo... [ More ]