taxes on lottery winnings :(

Reply #17

zinniagirl — Thu, 09 Feb 2012 00:10:58 GMT

I wish you the best of luck in your goal of winning the lottery. If you do win, you will still owe taxes come tax time. As most people here have pointed out it is actually 35% unless congress changes it. SO plan ahead and don't wait until the revenuer is knocking on the door.

Reply #16

KY Floyd — Mon, 06 Feb 2012 05:47:14 GMT

You've filed a tax return in the past and either owed a bit or got a refund, right? Just like it is with an employer, the 25% is only what the state withholds from the payment and sends to the IRS. Withholding 25% is a simple cookie cutter approach designed for much more average incomes. As Uff Da notes, you can reduce your tax obligation (and how much you put in your pocket) by making charitable contributions, but as a practical matter anyone who wins several million will be in the 35% bracket... [ More ]

Reply #15

CDanaT — Mon, 06 Feb 2012 03:21:59 GMT

Your signature is someone elses quote and alledged findings.... Interesting ....It also gives reason that someone may have lower intelligence not being able to formulate of a personalized signature on their own.. Which in addition signifies lack of ability to self govern or reason, thereby become a follower living off another persons efforts. Traditional signs of a non alpha personality leading to commit acts of prestidigitation for the lack of attention in a real world scenario........ Thats ok... [ More ]

Reply #14

rdgrnr — Mon, 06 Feb 2012 02:59:59 GMT

So you're coming out, little guy. Big whoop.

I'm sure everyone is so shocked.

I know I am.

Here, listen to my reaction: OMG

Reply #13

Mario38 — Mon, 06 Feb 2012 02:47:23 GMT

Further proof to the results of the study quoted in my signature.

Reply #12

rdgrnr — Mon, 06 Feb 2012 01:18:55 GMT

You're right CD.

Whenever little mario the wet blanket comes around with his tales of woe and gloom and doom, I start singing that ELO song to myself - Don't Bring Me Down.

Then I feel better.

Reply #11

CDanaT — Mon, 06 Feb 2012 01:08:47 GMT

Rdg..thanks for holdin back and using your politically correct public relations ability. Heres to winning the powerball on WED and paying our fair share

Reply #10

rdgrnr — Mon, 06 Feb 2012 00:58:24 GMT

Behold.

Little mario, the short little hairy-legged moron in fishnet stockings is what everybody will be like in a democrat utopia.

Mindless little twits reporting each other for rule infractions.

Out searching the world for something to be offended by so they can report it to the authorities.

What a sad little puke of a man little mario is.

Reply #9

rdgrnr — Mon, 06 Feb 2012 00:49:09 GMT

Roger that, bigtime.

Reply #8

CDanaT — Mon, 06 Feb 2012 00:41:50 GMT

Thats okay Rdg.......you can NOT fix Gormless

Reply #7

Mario38 — Mon, 06 Feb 2012 00:34:33 GMT

My response was independent of my signature.

Reply #6

rdgrnr — Mon, 06 Feb 2012 00:29:14 GMT

Ahh Jeeeze, here we go again.

All aboard for another trip to Touchy-Feely-ville. Get ready to be Sensitiiiiiiiive in the Land-Where-Nobody-Can-Ever-Be-Offended-By-Anything.

Please somebody just shoot me.

Now!

Please

Reply #5

CDanaT — Sun, 05 Feb 2012 22:00:34 GMT

Interesting statement Mario 38. In the USA it is a clerks legal obligation to check an ID, even if they are close to the legal age.....the young man had no legal obligation or right to check immigration status, just an opinionof the individual(s) ,possibly based on facts or knowledge of the person(s) he dealt with. While his statement was assumed (not proved) to be right winged or left winged, it could be independant of either side. Have no worries though, his country has freedom of choice and s... [ More ]

Reply #4

Mario38 — Sun, 05 Feb 2012 21:13:40 GMT

I find your assumptions troubling. The clerks do not check your ID and assume you are old enough. You do not check their ID and assume they are immigrants.

Reply #3

TheRightPrice — Sun, 05 Feb 2012 21:10:34 GMT

the info on USA Mega is accurate so it's 25% for you.

I'm surprised that a 19 yr old would be talking about trusts.

In Pennsylvania you can not claim a lottery prize using a blind trust. There may be another way, do some more research and explore your options. You're only 19. Please give us older people with wrinkles a chance to win. Thanks.

Reply #2

Uff Da! — Sun, 05 Feb 2012 20:09:33 GMT

CDanaT's reply was fairly accurate. One thing he didn't mention is that many people who win very large jackpots choose to make major charitable deductions in the year they win. If one is going to do it anyway, there are tax advantages to doing it that year. Let's say that I won $156 million cash and chose to set up a charitable trust with 35% of my win or approximately $54 million. Much (but not all) of that donation would be deductible from my federal taxes. The end result would be that my fede... [ More ]

Reply #1

CDanaT — Sun, 05 Feb 2012 18:48:37 GMT

Welcome to LP young man. Great place to socialize and make positive comments... here's a few thoughts based on my knowledge. If PA is like FL and we have no state taxes, then all you have to worry about is the FED tax issue. Yes the Powerball and MM claim the 25% tax grab right off the bat. Key issue is to research the IRS website and it will show you that in 2012 if you make over a certain amount the tax rate goes up to as high as 35%....Face it, millionaires will be paying that rate of 35% at... [ More ]

taxes on lottery winnings :(

dunk — Sun, 05 Feb 2012 17:54:34 GMT

I'm new here, I'm 19 and have been playing powerball since i was 14 (gotta love the immigrants at the gas stations that dont card for lottery). I was wondering how the tax's work on lottery winnings. I Live in Pennsylvania so theres no state or local tax, the powerball and usa mega site says 25% federal tax on lottery winnings, but i keep hearing i would fall into the 35% tax bracket if i won the 250 million on wednesday night. Is it 25 they take or 35, if its 35 how can they advertise 25? being... [ More ]