Need advice - Claiming money for someone who won pick 4

Reply #27

NightStalker — Mon, 29 Oct 2012 08:14:25 GMT

Check to see how long he has to cash in the ticket. If he can wait until after the end of this year and claim it next year it might fall on next years taxes. I don't know this for sure, and perhaps he should consult an accountant.

Reply #26

psykomo — Mon, 29 Oct 2012 04:59:25 GMT

RJOH:

WIND PAY UR SHARE$$$

SOLAR PAY UR SHARE$$$

EV bragg bout ur GREEN car $$$!

can U give a corvette ah CHANCE

Reply #25

mcginnin56 — Sun, 28 Oct 2012 23:42:43 GMT

I once played a few lines of bull crap.

The results were kind of crappy.

Reply #24

Littleoldlady — Sun, 28 Oct 2012 23:30:20 GMT

There is no income cap if you are 65 years old or older. The cap is from ages 62-65 (once you have your 65th birthday, the cap is removed). You can make as much as you want. So he is feeding you a line of bull crap.

Reply #23

ronnieh — Fri, 26 Oct 2012 23:46:03 GMT

I agree with the others I would not do it. For each of the past 10 years I have had between 5,000-10,000 in taxable winnings from casinos and between 5,000 -10,000 in taxable lottery winnings. You can claim a loss on your tax forms up to 100% of your gambling winnings and I do that each year. So they may take the tax at cash in but you should get a refund on yout tax return if you do it this way of course it depends on your income and many others things if you get a refund. Of course if you get

Reply #22

Ronnie316 — Fri, 26 Oct 2012 22:52:57 GMT

DO IT DO IT DO IT

Tell him he can HALF of whats left over AFTER taxes.........

Reply #21

rdgrnr — Fri, 26 Oct 2012 22:40:32 GMT

That's right CARBOB, he could probably get a Cabinet position.

Reply #20

Wooddrive — Fri, 26 Oct 2012 21:42:50 GMT

Pass

Reply #19

RJOh — Fri, 26 Oct 2012 21:14:06 GMT

Reporting lottery winners you know avoided paying taxes on their winnings is just another way of telling people you know to keep news of their lottery winnings to themselves.

Reply #18

sully16 — Fri, 26 Oct 2012 18:48:57 GMT

Don't do it !, He gets the lions share and you get the taxes, no brainer. If he gives you a hard time, let him have someone else cash the tickets, then you report the fraud and ta da, the IRS WILL GIVE YOU THE TAXES HE OWES AS A REWARD.

Reply #17

Stack47 — Fri, 26 Oct 2012 15:43:24 GMT

It's interesting because it's usually the people 65 and over who will cash winning tickets over $600, but under $2000 for 10%. For a $5000 ticket, they will charge 25% because there is a possibility they will have to pay taxes on a percentage of the winnings.

Since you have IRS problems you're paying or should be paying Federal taxes on a percentage of your income. You probably paid at least 10% in Federal taxes last year so an additional $5000 in income might raise your tax percentage and ev... [ More ]

Reply #16

inittowin — Fri, 26 Oct 2012 13:52:54 GMT

LMAO @ CARBOB

Reply #15

bob27 — Fri, 26 Oct 2012 13:49:47 GMT

Thank you so much guys... i will give him back that ticket then,,, for 250$ reward,there is too much risk involved... and btw lotterypost.com is the best website for lottery discussion. BOB

Reply #14

dr65 — Fri, 26 Oct 2012 13:31:29 GMT

DON'T DO IT. DON'T DO IT. DON'T DO IT. DON'T DO IT.

If he cashed out the 3 of 4, which I HIGHLY doubt, then he can cash the 4th.

He's offering this to people to get out back taxes or child support or something like that. Maybe he has a debt where they will

just keep it all if his name shows up on any lottery related winnings/attempts at collecting.

It probably won't work anyway....if you have tax problems, they just might keep it from you too and why have that win on your

record i... [ More ]

Reply #13

mcginnin56 — Fri, 26 Oct 2012 13:29:19 GMT

Now that's the best advice so far!

Someones got their thinking cap on this morning.

Reply #12

zinniagirl — Fri, 26 Oct 2012 13:20:08 GMT

HOw long before the ticket expires? If it doesn't expire before 01/02/13, suggest he wait until then to cash it himself. It would be under the new year ( income wise) and save both of you the headache.

Reply #11

CARBOB — Fri, 26 Oct 2012 09:35:28 GMT

I see you are from Chicago, and you owe the IRS money. Do you have a connection to the Obama administration? If so, use it

Reply #10

helpmewin — Fri, 26 Oct 2012 09:01:41 GMT

Reply #9

four4me — Fri, 26 Oct 2012 07:21:55 GMT

Don't do it one if you owe money to uncle sam they might take every penny you owe out of the ticket. The taxes on a 5000 ticket is around 1800 bucks.

Tell the guy you own money to uncle sam and he needs to find someone else.

Reply #8

MzDuffleBaglady — Fri, 26 Oct 2012 07:21:15 GMT

Hey bob27:

You owe the IRS? The lottery office is going to run your name, and the IRS is going to get their money first.

You should tell your friend to have someone else other than yourself, cash the ticket, because, if you cash it, he will be paying your IRS debt.

Good Luck.

Reply #7

savagegoose — Fri, 26 Oct 2012 07:05:26 GMT

wow i didnt realise how tough the tax is there. i gues im used to tax free winnings. yeah you are correct. and ridge is even more correct. with dont break the law for anyone.

Reply #6

rdgrnr — Fri, 26 Oct 2012 06:12:10 GMT

Honesty is the best policy.

Don't break the law for anybody.

Reply #5

RJOh — Fri, 26 Oct 2012 06:02:50 GMT

If you don't want to pay taxes on an extra $5000 of income, give him his ticket and tell him to cash it himself.

Reply #4

mcginnin56 — Fri, 26 Oct 2012 05:46:25 GMT

Most states including mine, will pay any winnings up to $5,000 without taking out taxes at the lottery office.

You are absolutely obligated to pay taxes on this amount however. (depending on how you mitigate based upon your tax bracket).

For my state there is no state tax, but you must pay 25% federal tax. For $5,000 this would amount to $1250.

So if he's giving you $250, you would still be on the hook for another $1,000 to the IRS. This does not include your state tax if required.... [ More ]

Reply #3

savagegoose — Fri, 26 Oct 2012 05:30:50 GMT

be honest with him. tell him you have IRS problems, find out what your obligation is to IRS. and if you claiming it is even an option. getting others to claim for them is where a whole lot of problems start, so he must trust you not to screw him over. but make sure you bill to IRS is less than $250

Reply #2

bob27 — Fri, 26 Oct 2012 05:00:31 GMT

This guy is over 65...He said if he claims more then 10,000$ of winning tickets,,,he have to pay taxes..thats why he asked me....i will get 250$ for that..but if i have to pay more when i file for taxes...then i wont do it and i will give him his 5,000$ pick 4 winning ticket back..

Reply #1

zinniagirl — Fri, 26 Oct 2012 04:48:28 GMT

You claim it, you pay it. I wouldn't do it. You can get into trouble doing it. Why won't he cash it? Was the ticket obtained illegally

Need advice - Claiming money for someone who won pick 4

bob27 — Fri, 26 Oct 2012 04:11:06 GMT

Ok. This never happened to me so i need advice.I work at restaurant as this guy knows my boss for many years,and i also work there for few years now and he knows me as well.Today he gave me an offer to claim money for him because he won total of 20,000$ on 4 different tickets ( 1 $ straight) He cashout 3 out of 4 and this last one he wants me to do it for him.I will get 250$ instead for doing him a favor.So my question is,,should i do it.I will probably get a check for 5,000 or little less...the... [ More ]