paying taxes on a $1,000 scratch-off

Reply #31

billionaire2bee — Wed, 23 Jan 2013 18:06:23 GMT

LOL I hope this year will be our year then Ronnie....

Reply #30

Ronnie316 — Wed, 23 Jan 2013 15:36:04 GMT

Taxes on larger than $600. winners is an interesting question though, because the liquor store where the guy got ripped off for $5 million was making a business out of cashing winners for less than face value.

Reply #29

Ronnie316 — Wed, 23 Jan 2013 15:32:53 GMT

Funny..... I would not have known either because Ive never needed one. lol. lol. lol.

Reply #28

billionaire2bee — Wed, 23 Jan 2013 15:19:21 GMT

Oh yeah I assumed that...but someone has said they got a claim form at the place they bought the ticket....and I didnt know they could do that..anywheres other than the headquarters not at the retailer

Reply #27

Ronnie316 — Wed, 23 Jan 2013 14:59:33 GMT

They may even ask you to wait for a check in the mail. I was at the lottery office and a guy in front of me with a $500. winner was being told they would send him a check. Only after he insisted on cash did they open the draw and hand it out.

Reply #26

Ronnie316 — Wed, 23 Jan 2013 14:56:23 GMT

You can take it there b2b but the first thing they will ask is that you fill out a claim form. lol.

Reply #25

Ronnie316 — Wed, 23 Jan 2013 14:54:48 GMT

They may not have seen cuz people carry theirs into the lottery office and ask for cash. I think people are afraid to mail them in and perhaps never see them again. lol. lol.

Reply #24

dk1421 — Wed, 23 Jan 2013 14:46:49 GMT

Nice to know definitively about the claim forms. The biggest I've had is $500 (which was awesome!) so I didn't need to worry about claim.

Ironically, I do remember praying that either it would be a big win or just under the $600 since I knew I'd be taxed on it. And yes, claim it because they have your SS# and will be expecting you to pay taxes on it. Otherwise, you are just asking for trouble to follow you. Sorry about that! But better to be good than not.

Interestingly enough, I just read... [ More ]

Reply #23

billionaire2bee — Wed, 23 Jan 2013 13:06:18 GMT

So you need a claim form to turn it in at the lottery headquarters?? Or can you just take it there

Reply #22

haymaker — Wed, 23 Jan 2013 01:23:25 GMT

A few months ago I had a $1200 win, when the clerk (owner) scanned the ticket,

I expected him to hand me a claim form.

Instead he opened the cash drawer to show me he did'nt have enough cash to pay it,

I had to tell him that he should give me a claim form, his son had to tell him where they were,

I guess that store never had a winner @ $600

Reply #21

billionaire2bee — Tue, 22 Jan 2013 19:58:38 GMT

Yeah I wouldnt either but here in NC they make you turn the ticket in at the lottery office for any amount over $600....if a place chooses to cash it its on them....I think it a chance they are taking with their license if they do otherwise anyways

Reply #20

rdgrnr — Tue, 22 Jan 2013 19:50:21 GMT

I'm not sure about any of that.

I just wouldn't be willing to bet a large amount that I could get away with a small amount.

Reply #19

billionaire2bee — Tue, 22 Jan 2013 19:40:07 GMT

true...not arguing with you on that but do they give the tax forms when you cash a ticket anywhere other than the lottery office though...again not arguing just asking...if they did give the form wouldn't that be the only way the IRS would know

Reply #18

rdgrnr — Tue, 22 Jan 2013 19:08:46 GMT

Honesty is the best policy.

My advice would be to obey the law and pay the taxes.

Trying to scam the government out of taxes on lottery winnings won't be worth what you'll gain by not paying it.

There have been a few stories here documenting that fact.

Pay the taxes.

Reply #17

dallascowboyfan — Tue, 22 Jan 2013 13:15:37 GMT

Congratulations on your win retrievers3......

Reply #16

billionaire2bee — Tue, 22 Jan 2013 12:51:15 GMT

Yeah that's what Im wondering if you cashed it at the store you bought it....did they give you a tax form? Cause if they didn't I wouldn't claim it...it would be like you found it on the street

Reply #15

RedStang — Tue, 22 Jan 2013 06:34:00 GMT

My Aunt is a CPA. She said to save losing tickets so i could claim them against winnings. You should be able to claim $1000 in losing tickets. Did they give you a W-2G form.

Reply #14

Think — Tue, 22 Jan 2013 05:37:43 GMT

Good luck to you too.

Ive been playing too long and losing too much.

We cant be the only ones that either play for a decent annuity amount or big cash payout.

I figure the approximate after tax lump sum payout now to figure out which games to go for. Forget what they advertise the JP to be.

Reply #13

Think — Tue, 22 Jan 2013 05:31:58 GMT

Here is a link with more current information-

http://beaconhill.patch.com/articles/new-2013-tax-rates-and-standard-deductions-b561e583

Looks like I missed a phase out at $150k.

Anyway, they got ya coming and going this year 7 days till sunday.

2012 was a lot easier.

Course once most players realize what is going on, 2013 could be much cheaper cause they wont play as much.

Reply #12

weshar75 — Tue, 22 Jan 2013 05:31:07 GMT

I agree with you THINK on playing only my state lottery megabucks because it is at $9.2 million and mega millions and powerball. I like to win the big money not small prizes. Good luck to you on your tickets.-weshar75

Reply #11

Think — Tue, 22 Jan 2013 04:09:22 GMT

The new tax laws have changed what I play for.

Your taxes get screwed up at $200,000 or $250,000 and then again around $300,000 and again at around $400,000 or $450,000. (forget the alternative minimum tax)

That is why I wont play any games this year that payout less than $2,000,000. I just don't want to deal with the hassles of finally winning something decent and then getting screwed by the new tax laws. If it is $2,000,000 or more then I will deal with all the new hassles.

I... [ More ]

Reply #10

Sniper084 — Tue, 22 Jan 2013 02:41:52 GMT

Yes this is the new obama care law and if u come out even in state taxes u will end up owing 140 to the government if u dont have insurance when u file your taxes....it goes up to 500$ next year with no insurance

Reply #9

retrievers3 — Tue, 22 Jan 2013 02:25:15 GMT

As we say here in Pittsburgh, did cha know that if it ain't broke youns shouldna fix it . Iz ascared youns wil sperl the whole thin' .

Reply #8

ronnieh — Tue, 22 Jan 2013 02:12:58 GMT

I am far from a tax professional but I believe you are right that you have to itemize to benefit from a gambling loss/breakeven. I have won(taxable amounts over $600) a few thousand at casinos and a few thousand playing lotto most years.Did not go to any casinos this year. I fill out my own taxes and have never been audited so not sure if what I do will pass an IRS audir or not. I simply show an exact $loss as I had in $wins and keep losing tickets/ATM receipts/ticket purchase receipts to prove

Reply #7

maringoman — Tue, 22 Jan 2013 02:06:12 GMT

bwahahaha put that bottle down and call a minister lol

Reply #6

rdgrnr — Tue, 22 Jan 2013 01:40:31 GMT

I heard a rumor that when the Englishmen take over the lottery, all the smaller wins will be paid in scones.

I don't know if you've ever had a scone but if you can imagine a muffin made out of sand, kitty litter, bird seed and talcum powder, you get the idea.

Englishmen love 'em.

Hell, they fight over 'em.

Git ya bloody 'ands off me scone, ya bloody wanker

Reply #5

retrievers3 — Tue, 22 Jan 2013 01:28:46 GMT

Thank you! Yeah, it is $600 and over and is on the Federal level. In Pennsylvania, our lottery benefits its senior citizens. There is a bill introduced to privatize the PA lottery and, I believe, it is just a matter of a few days whether it will go into effect, no less to a British company. A bit scary. We'll see how odds change on the scratch-offs if it is privatized. Will we be benefiting the Queen

Reply #4

onlymoney — Tue, 22 Jan 2013 01:25:28 GMT

Any amount of wins are taxable. The 600 is just a cut-off because anything less is not worth it for the IRS to pursue.

Reply #3

maringoman — Tue, 22 Jan 2013 01:05:25 GMT

First of all, congratulations! I have a quetion though. I thought any gambling winnings over $600 are taxable, aren't they? I am not sure if this tax is at Federal level or state level. I know PA has no state income taxes on lottery

Reply #2

retrievers3 — Tue, 22 Jan 2013 00:59:39 GMT

Say what? Is this the new ObamaCare thing? You said it came out of your state tax refund. I have only ever received federal tax refunds. My state tax has always worked out on penny-to-penny. I wonder who gets your $140. Sure helps you in obtaining affordable health care, huh? Sorry to get off on a little tangent here. I have never been on a forum before, and I don't want to break any rules by talking about taxes and health care when this site is about lottery concerns. Anyway, the scratch-off ti... [ More ]

Reply #1

Sniper084 — Tue, 22 Jan 2013 00:42:28 GMT

Cant really help u with the whole tax question but just wanted to make u aware i filed my taxes on friday and was chraged 140$ for not having health insurance and it comes out of your state tax refund....glad to hear u won 1000 though

paying taxes on a $1,000 scratch-off

retrievers3 — Tue, 22 Jan 2013 00:36:36 GMT

I have been obsessively buying scratch-offs here in Pennsylvania for about the past year-and-a-half. I was lucky enough to hit $1,000 on a $3 Wild Number Bingo. A local grocery chain store cashed the ticket and gave me the cash. I was sooooo happy. Put about $800 in my barely-existing checking account and gave a few bucks to my grandkids and daughter. Now......... please don't call me naive, but I thought if you saved your non-winning tickets (got a few WalMart bags full) that you could use thes... [ More ]