How Honest Are You?

Reply #25

trulyblessed — Sat, 07 Mar 2009 17:23:32 GMT

Some states do separate tickets, some don't.

Reply #24

Kidzmom — Sat, 07 Mar 2009 15:39:57 GMT

TB, I think a lot of ppl are getting confused or maybe I am confused but it seems as, If they do a playslip and chose 568 on a $5.00 ticket, Its like they get 1 ticket for 568 X 5 times or something.

You are right, b/c in NC if you mark your ticket 568 in each play area then you get 5 separate tickets and that way you can take them to different stores to collect.

KM

Reply #23

Kidzmom — Sat, 07 Mar 2009 15:37:42 GMT

It is tax free if you don't pay taxes on it because #1. No paperwork is done so you will be taxed. And not it's not the lottery office that's not reporting it, its you not reporting it. So how would they know to tax you

Reply #22

Kidzmom — Sat, 07 Mar 2009 15:29:34 GMT

In the state of NC they want their money and if they find out you collected that way without paying taxes on it then you will be in trouble. We pay the highest taxes around....welll maybe not as much as California but we are waaaaaaaaaay up there.

Reply #21

trulyblessed — Fri, 06 Mar 2009 22:44:38 GMT

NC Pick 3 currenly prints a ticket for each number you play separately. I've only seen one person on the winners page that cashed in a pick 3 at the lottery office. That was when we first got pick 3 and this person was from NJ!!!! They took 2 $500 tickets to the NC lottery office to cash it in.

I think that if you were to win $2000 in pick 3 it's ok to cash them in at separate places. Honesty comes when you do your taxes. You are suppose to report any income you made no matter where it came f... [ More ]

Reply #20

Jack-C — Fri, 06 Mar 2009 14:12:06 GMT

It is $600 not $500. This is from the Michigan Lottery web site:

Do I Have to Pay Taxes on My Winnings?

Answer:

All Michigan Lottery prizes are subject to federal, state and local income taxes. The Lottery is required by law to report to the IRS all winnings greater than $600. The Lottery is required by law to withhold estimated taxes at the rate of 25 percent (federal) and 4.35 percent (state) for any prize over $5,000 paid to a U.S. resident. Winners of prizes greater t... [ More ]

Reply #19

charmed7 — Fri, 06 Mar 2009 14:04:49 GMT

anything over 500.00 u will have to go to the lottery office.

i knew an older guy who played 1028 bx for $1.00 (50) times. I said WOW

but he didn't pay any taxes. 1.00 bx is $208. NO TAXES How cool is that.

U can just take your time and cash the tickets as needed.

Reply #18

Stack47 — Fri, 06 Mar 2009 13:06:26 GMT

There is an option on the Ohio Lottery pick-3 bet slips that allows players to play any type of wager (straight, box, front pair, etc.) multiple times. It could be difficult cashing ten tickets the next day unless you know a store that has that much cash on hand or you may have to go to several stores.

Reply #17

KY Floyd — Fri, 06 Mar 2009 10:35:21 GMT

What part of Justx' post was confusing? It's not tax free, it's just not reported. That's not exactly a subtle distinction.

The lotteries and the IRS both know that most people would rather not report the income, and the lotteries seem to just nod and wink when small payments are made at a lottery office, or multiple tickets that were obviously played together turn out to be winners. While even really small winnings are taxable, I suspect the IRS doesn't really have much interest in it, eithe... [ More ]

Reply #16

ThatScaryChick — Fri, 06 Mar 2009 08:19:03 GMT

If I had multiple winning Pick 3 tickets, I would take them to different stores and cash them instead of all at once at the lottery office. I don't see it as being dishonest.

Reply #15

Coin Toss — Fri, 06 Mar 2009 07:16:27 GMT

Taking advantage of separate payouts doesn't mean anyone is dishonest.

In Illinois, when you play a Pick 3 playslip, for every game that was played you get a separate ticket.

That's almost implying they want you to cah them separately, no?

One of the attractions of the Pick 3 is it's not taxed.

Reply #14

Kidzmom — Fri, 06 Mar 2009 06:14:23 GMT

Thank you..... I've shown this post to the people I work with and they seem amazed that this can be done and it's all tax free if you do it separately. lol

Reply #13

justxploring — Fri, 06 Mar 2009 05:48:54 GMT

By the way, I still think your question is a good one. In other words, you are asking if you would report earnings if you didn't have to, right? My answer is no. But I still think I'm very honest. Technically, if you mow a few lawns and make $200 you need to report it, but who does that? The $600 is only what a payor needs to report. The payee is supposed to report all income.

Reply #12

justxploring — Fri, 06 Mar 2009 05:14:18 GMT

This has nothing to do with honesty. If you are talking about a single bet, it isn't possible to collect on it at different locations. However, a store can pay you up to $599 per bet, not just $599 total. What I mean is if you bought three pick-3 tickets and won $500 on each, the store can pay you $1,500 and you do not need to complete a claim form. You can go to 3 different stores if you want, but it isn't necessary because they are different bets. Many stores don't have that much money on hand... [ More ]

Reply #11

NYSlugger 777 — Fri, 06 Mar 2009 04:30:25 GMT

You can play any # lets say $5 straight. I can play 383 for example $5 straight on one ticket....or I can ask the lottery agent to play 383 $1 straight (5 times ) on seperate tickets. I'd rather play the same number $1 straight five times on seperate tickets so I wouldnt have to take that trip to the office.If playing a Pick - 4 #straight for more than $1.00 theres no point in playing the same # straight on SEPERATE tickets you'll have to take a trip to the office regardless.

Reply #10

Kidzmom — Fri, 06 Mar 2009 03:39:48 GMT

We are only talking about Pick 3 Tickets................no scratchers, no pick 4, no pick 5.. only Pick 3 tickets.

Reply #9

Kidzmom — Fri, 06 Mar 2009 03:38:26 GMT

We are talking about Pick 3 tickets. These tickets payout $500 for straight hit so yes you can take these tickets to individual stores and collect 1 per store. If you had 4 straights that would equal $2000.

Reply #8

four4me — Fri, 06 Mar 2009 03:37:12 GMT

If i buy 10 tickets straight for a dollar and it wins each ticket is worth 500 bucks. I can go to any place that cashes tickets up to 600 bucks. If the store has the cash they treat each ticket as a separate entity. No reason to fill out any paper work or go to the lottery office.

I would never under any circumstance buy a straight pick 3 or 4 ticket for more than one dollar on each ticket it would defeat the purpose to collect on a win without having to pay taxes.

Reply #7

Todd — Fri, 06 Mar 2009 02:45:30 GMT

Reply #6

Jack-C — Thu, 05 Mar 2009 23:50:43 GMT

I do much the same thing. Yes, we can deduct gambling losses up to the amount we win, but we must have proof. I keep my losing tickets in a cigar box.

Reply #5

Amazing Grace — Thu, 05 Mar 2009 23:10:11 GMT

We dont pay taxes on winnings on wins in Canada but we can only collect up to 1000 dollars at the store,

when i play big i do this

if i play a double i spend 2 dollars for each way so a 6 dollar ticket, i then ask the clerk to run it through several times so if i run it 5 times it costs 30 dollars for 5000 win.

this way i can go to corner store and collect at times they have the money. this saves me from the hassle of sending it in.

I do the same with box or straight single plays.

Reply #4

grandpajohn — Thu, 05 Mar 2009 23:01:50 GMT

Is the lottery deferent than winning big at the race track?I mean one night I hit a tri for over $600 but I didn't have to pay taxes on it cause it was on a $2 bet now if it had been on a $1 bet I would have.So by saying that and if things are all the same just cash 1 tix at a time.

Reply #3

MADDOG10 — Thu, 05 Mar 2009 21:54:26 GMT

Same here in N.J., Lottery agents pay up to $599.00 anything over you have to fill out a form or take to a regional center for validation..

Reply #2

plshelpme — Thu, 05 Mar 2009 21:54:23 GMT

What I am taking from this is if I hit 999 for $5000 on 10 different tickets. I would take it different stores. Now if you are talking 1 single ticket for a total win of $5000 in North Carolina you have no choice but to go to the Lottery Office.

Reply #1

Jack-C — Thu, 05 Mar 2009 21:20:51 GMT

You can't take a ticket to different stores and get paid a portion of the winnings. The machine will tell the clerk that the winner has to go to the lottery office. The clerk has a form for you to fill out and take it with your ticket to the lottery office. Here in California it is over $599.

How Honest Are You?

Kidzmom — Thu, 05 Mar 2009 21:07:42 GMT

This question was brought up at work the other night in a general discussion. and I thought why not put it to a poll just to see WHAT WOULD YOU DO? We love the game of pick 3. If you hit big (anything over $500 bucks or $5000 bucks) would you really go to the lottery office or just go to several different stores to collect your cash so you won't have taxes?

Remember names have been changed to protect the innocent