Official Rules of the Games - PB/MM

Reply #12

KY Floyd — Wed, 25 Jul 2007 17:08:23 GMT

We've been over this ground before. That some people aren't bright enough to understand that requirements for gambling operators to report winnings and taxpayers' obligations to report income are different things doesn't change the rules. Anybody who wants to can easily ask their tax preparer or the IRS.

Reply #11

Stack47 — Tue, 24 Jul 2007 21:49:17 GMT

The fact that it wasn't reported to the IRS doesn't mean it isn't taxable.

The IRS set guidelines on which gambling winnings are taxable and the state lottery commissions follow them. On the back of every lottery ticket they sell, it clearly states that winnings over $600 will be reported to the IRS and taxes will be deducted from winnings over $5000.

If you want to keep a daily ledger and record every dollar you spend on lottery tickets and every free ticket you win that's your busines... [ More ]

Reply #10

KY Floyd — Mon, 23 Jul 2007 01:58:21 GMT

I want to know if I bought 10 single tickets and each ticket won $500. Can I claim my tickets in good conscience without giving uncle Sam anything.

It depends on your conscience, or how much you lost. Would you feel guilty about evading taxes? It's not a PB or MM rule, but federal law that says that gambling income is taxable. If you win $5000 and didn't lose at least that much on other wagres then you have taxable income. The fact that it wasn't reported to the IRS doesn't mean it isn't tax... [ More ]

Reply #9

RJOh — Sun, 22 Jul 2007 16:50:25 GMT

When ever I've gone to Indiana to buy PB tickets, I had to remember part of the state doesn't switch to day light saving time in the summer, which doesn't effect the time of the drawing but when the store closes which effects when tickets can be bought.

Reply #8

guesser — Sun, 22 Jul 2007 06:55:33 GMT

What's strange is, I'm in the same time zone as where they draw the PB, they draw it at 9:59pm, but every place I have been to buy a ticket cuts it off at 8-8:15pm. One guy said once 'They went all the way to 8:30 once'.

Yes, they obviously lock the computer down X minutes before the drawing, it just seems that X time is different, as far as how much time before the drawing they do it. Some say 15 minutes, my experience is 1.5-2 hours.

Reply #7

four4me — Sun, 22 Jul 2007 04:00:24 GMT

depends on what time zone you are in.

Like in California they are 3 and 4 hrs behind the east coast so they cant call someone here on the east coast and get the winning numbers and play them there.

If the drawing is at 11:00 o'clock on the east coast then the would stop selling tickets at 6:45 one the west coast.

Reply #6

RJOh — Sun, 22 Jul 2007 02:59:22 GMT

In Ohio MegaMillions tickets are sold till 10:45 PM for the 11:00 PM drawing, tickets sold after 10:45 the night of the drawing will be for the next drawing.

Reply #5

Editgap — Sun, 22 Jul 2007 02:43:39 GMT

Here is a question, does all states cut off purchasing PB and MM ticket an hour before the drawing

Reply #4

four4me — Sun, 22 Jul 2007 02:15:51 GMT

Editgap wrote:

I bought a winning MM ticket in Texas once and took it to Georgia to claim it. I was handing it over to the clerk and see gave me this stare and asked what is that?

No you cannot cash tickets across state lines.

Reply #3

MADDOG10 — Sun, 22 Jul 2007 02:10:44 GMT

It makes no difference if you bought them in sequence. As long as the amount was under the $600.00 threshold for each ticket, so it doesn't matter even if you had 30 tickets...

Reply #2

Editgap — Sun, 22 Jul 2007 01:52:45 GMT

I figured they will be able to see from the lottery office that these winning tickets where bought in sequence. They will say this person won a total of so and so. Therefore, he owes us so much.

Reply #1

Big Hitter — Sat, 21 Jul 2007 13:47:08 GMT

If you claim the tickets individually - at 10 different claim centers - you will get all your cash, $500 bucks at a time. Nothing will be witheld since the win (for the individual ticket) is less than $600 (this is the IRS witholding threshold). You will have to decide if you want to tell the crooks at the IRS you increased your income by $5000. If your conscience is bothering you, go ahead and volunteer the info to the IRS. They will gladly take the money. They have no way of knowing you won an... [ More ]

Official Rules of the Games - PB/MM

Editgap — Fri, 20 Jul 2007 18:56:47 GMT

State one official rule to the games of Powerball and Mega Millions others might not know.

I tried to post this question before but everyone started to talk about numbers.

I want to know if I bought 10 single tickets and each ticket won $500. Can I claim my tickets in good conscience without giving uncle Sam anything.

Here is one rule I have experienced although this is from PB website.

All winning tickets must be redeemed in the state/jurisdiction in which they are sold.

I bough... [ More ]