Will new tax hikes affect lottery pay outs

Reply #9

dallascowboyfan — Mon, 24 Dec 2012 00:00:38 GMT

But..but I'm entitltled to it...

Reply #8

dallascowboyfan — Sun, 23 Dec 2012 23:57:49 GMT

It will have a MAJOR impact.......

Welcome the LP......

Reply #7

Stack47 — Sun, 23 Dec 2012 23:22:49 GMT

The payoffs will be exactly the same, 25% Federal withholding minus whatever the state income tax rate. The big difference will be when they file taxes and they will owe more than someone winning a like amount on the current tax rates.

Reply #6

maringoman — Sun, 23 Dec 2012 23:06:52 GMT

The Federal taxes are projected to go up from 35% to 39%. Then you add state income taxes to calculate total tax bill on income above $250,000 as President Obama is proposing. In my state we don't have a city tax like they do in NYC but we do have state income tax so my total tax burden would be 39% + 5 % = 43 % of any jackpot winning from January 2013. So annuity winners will pocket about 1/3 of their winnings lol damm .

Reply #5

JAP69 — Sun, 23 Dec 2012 16:49:14 GMT

Yep the tax hikes will take a bigger bite of the prize.

I am real excited about it. Plus we have the inheritance tax increase to boot.

What is real exciting about lottery jackpots is the winners have that tax skimmed right off up front before they get their check.

Spread the wealth.

Reply #4

GamBlur-TTF — Sun, 23 Dec 2012 16:25:26 GMT

I think the Taxes should Affect the Jackpot.... NOT the person who won the jackpot...

but of course they would not do that. The jackpot will be for ex. 5,000,000 as they say on the media. But the taxes will come in only AFTER you happen to so Hit THEN they come after you... Why not tax it just say YOU CAN WIN 3,999,999 !! instead of waiting for me to Get overly-excited because i hit a lix only for 'Men In Black' to come after me, tax the Badooshee out of me leave me naked with 2,500,000 in pa... [ More ]

Reply #3

Litebets27 — Sun, 23 Dec 2012 15:36:09 GMT

Welcome to LP.

When I win, I will let you know... I'm paying out the ying-yang now, so it won't make much difference.

Reply #2

rdgrnr — Sun, 23 Dec 2012 15:17:50 GMT

Welcome to Lottery Post and best of luck to you, rc.

But if you win the jackpot you will become one of the hated rich in our current environment and therefore you will have to be punished by having a large share of your wealth confiscated by the government. Shame on you for wanting to keep all that wealth and not share it with people who don't like to work! Shame

Reply #1

billionaire2bee — Sun, 23 Dec 2012 12:58:08 GMT

Personally I couldn't care less if I won....Cause I'd still be a millionaire.........

Will new tax hikes affect lottery pay outs

rollin crip — Sun, 23 Dec 2012 08:39:00 GMT

Hello all. New to forum but have lurked for a while. I am wondering what impact the new tax rates will have on lottery payouts?

Thanks in advance for your replies.