Warning to big winners:

Reply #11

theladydi — Fri, 27 Jan 2006 21:09:43 GMT

I think there ought to be a new lotto game, and it should be called Multi-Million Dollar Winners . Say for instance you have a jackpot of $50 million dollars. In this game, you will have 50 drawings of that particular game. In essence, you should have 50 $1 million dollar winners. If there are not 50 winners (say there are only 25 winners) for that drawing, then the remaining $25 million should go toward the next draw date. The reason for doing this, is so that you generate more people

Reply #10

justxploring — Thu, 26 Jan 2006 07:05:47 GMT

GOLDRUSH- sorry, but even before I read the other comments, I disagreed with your post. You can use google or go directly to the IRS site for specific rules on tax free gifts and charitable donations.To those people who say they wouldn't give anything to charity, shame on you! I hope you're all kidding around. I might not trust a large national organization because of recent scandals and big salaries and operating costs, but I'd definitely give a portion to help people and animals in need. Wh... [ More ]

Reply #9

dvdiva — Thu, 26 Jan 2006 05:16:15 GMT

I don't see what the big rush is on taxes if you win. Most people can operate a telephone book. Look under tax lawyer or tax attorney. That's it. Hire two just in case.

Reply #8

Chewie — Wed, 25 Jan 2006 23:52:54 GMT

Worry about falling down and breaking your neck before you get a chance to pay the taxes, not the taxes! Worry about waking up from a night of drinking and the woman next to you tells you her name is Lorna Bobbett. If you win one of the multi-million jackpots, taxes should be at the bottom of your list of complaints.

Reply #7

Just6ntlc — Wed, 25 Jan 2006 23:03:33 GMT

Everyone, I haven't won the jackpot yet in MM and/or CA SLP. However, if I ever win a big prize, I would pay the federal and sales tax first. Afterwards, I have made my money [profit] and can spend on anything.

Reply #6

Cashman87 — Wed, 25 Jan 2006 22:54:06 GMT

I disagree with gold rush also on the tax issues. And, I don't see why people complain about taxes. Just consider the amount you won, is the amount you would come to after calculating what your amount would be after the taxes are taken out, so you don't feel like anything is being taken away. If you win 1 million, and you only get $700k after taxes....WHAT are you complaining about? You just made $700k!!! lol. And, I would not give a dime to a charity....atleast not that much. You'd have t... [ More ]

Reply #5

Coin Toss — Wed, 25 Jan 2006 22:28:15 GMT

There's a book, What to Do When You Win the Lottery, it's not about systems or nuymber selctions at all, it's only about coming in to such a windfall. In the book the author gives an example of setting up a trust to a charity as oppossed to a flat out contribution.One winner in the example gave $100,000 a year, the other set up a $100,000 trust. The one who set up the trust got more tax benefit over the same course of time.

Reply #4

ryanm — Wed, 25 Jan 2006 16:59:30 GMT

lol

Reply #3

Todd — Wed, 25 Jan 2006 11:31:17 GMT

goldrush:I do not agree. What is the source of your information

Reply #2

Raven62 — Wed, 25 Jan 2006 11:22:23 GMT

Give the Ticket to the Charity and let them Cash It In.

Reply #1

pacattack05 — Wed, 25 Jan 2006 11:12:06 GMT

If I won a major jackpot and gave it all away, I'd have my head examined by a very experienced brain surgeon. Then I would jump off a very high cliff, while thinking about elephant eyebrows, and how nice they are.I say, good show.

Warning to big winners:

goldrush — Wed, 25 Jan 2006 11:02:24 GMT

Even if you give it all away to charity, you will still owe taxes.Contrary to what you might have heard, there is no way to avoid paying taxes on lottery money when you win a big jackpot.Even if you give it all away to charity, you will still owe some taxes. In any state or jurisdiction in which lotteries are legal, the government takes its 28 percent off the top. Most lotteries leaves it up to the individual to pay the local taxes.Example: If a player wins $100,000, the prize after federal taxe... [ More ]