New Hot Lotto

Reply #17

maringoman — Tue, 14 May 2013 22:30:45 GMT

He is credited for The 1986 Tax Reforms but also heavily criticized for it.

Reply #16

Artist77 — Tue, 14 May 2013 22:19:36 GMT

ummmm no. Pres. Reagan made a sincere effort and accomplished a lot by essentially streamlining the tax code in 1986.

Reply #15

maringoman — Tue, 14 May 2013 22:08:46 GMT

You agree the part about every president, right

Reply #14

Artist77 — Tue, 14 May 2013 21:48:35 GMT

lol

Reply #13

dallascowboyfan — Tue, 14 May 2013 20:29:53 GMT

Oklahoma website states Hit the Jackpot, Your taxes are paid.

Reply #12

maringoman — Tue, 14 May 2013 19:48:26 GMT

MUSL is being very economical with the information on taxes. Its as vague as the Federal tax code that every president is sworn-in pledging to simplify it.

Reply #11

HoLeeKau — Tue, 14 May 2013 14:31:33 GMT

OK I found the ad on You Tube and it says we pay the jackpot taxes so you keep the whole thing. Which sounds like ALL taxes paid. But the caption under the video says the Idaho Lottery pays the withholding tax. I didn't see a disclaimer on the TV ad -- maybe someone needs to have a little talk with them about truth in advertising.

Reply #10

HoLeeKau — Tue, 14 May 2013 04:26:32 GMT

Just saw a TV ad for Idaho. It said taxes are paid so you get the whole jackpot. So I still don't know what that means exactly.

Reply #9

PlayToWin47 — Tue, 14 May 2013 02:49:47 GMT

Good question!

I would bet NH would probably not cross state lines to pay NYC taxes.

Reply #8

PlayToWin47 — Tue, 14 May 2013 02:45:39 GMT

As far as state taxes ... it may depend on the state for how it does it.

In Kansas, their website says that they withhold 25% federal and 5% state ... and The winner's ultimate tax liability may be more or less than the amounts withheld, depending on other factors . It was like this before the game change, also.

It sounds like that is a fixed amount in KS. If, for example, you lived in a neighboring state (as I do), you would still deal with the same ol' tax stuff like credit for taxes pai... [ More ]

Reply #7

Artist77 — Mon, 13 May 2013 21:24:29 GMT

I checked with a couple of friends on this issue and they said it likely runs counter to IRS case law and regulations and you will have to pay taxes on anything that is paid on your behalf. Remember if you win, regardless of what anyone tells you about paying taxes for you, you have to obligation to check with the IRS and you should get it in writing.

Richard Hatch from Survivor served time in prison for not paying taxes on his win and he was very likely was told by the show that they would p... [ More ]

Reply #6

maringoman — Mon, 13 May 2013 20:42:19 GMT

Oh ok. Still nice

Reply #5

rdgrnr — Sun, 12 May 2013 17:20:25 GMT

The little Hot Lotto insert they put with the playslips in Tennessee mentions it twice:

All withholding taxes on the Jackpot amount will be paid by the Lottery of the state in which the prize was won.

and

The Jackpot prize amount won will include TAX withholding to be paid on behalf of the winner.

I report.

You decide.

Reply #4

Saylorgirl — Sun, 12 May 2013 14:45:50 GMT

I believe they only pay the 25% due to the fed when you validate your ticket, you are then responsible for your state, local and additional fed taxes.

Reply #3

maringoman — Sun, 12 May 2013 14:29:23 GMT

What if a New Yorker bought HotLotto in New Hampshire and won. NH has no state taxes on lottery and is a member of Hot Lotto while NYC has city, state and federal taxes on lottery winnings and does not carrry Hot Lotto. How will they decide this sitiwation? will the New Yorker get all his taxes paid

Reply #2

Artist77 — Sun, 12 May 2013 14:29:19 GMT

I thought it meant the 25% that lotteries typically withhold and then you owe the rest (state and any additional federal

Reply #1

HoLeeKau — Sun, 12 May 2013 14:23:45 GMT

Right.

I got an email from my state lottery saying that all taxes are paid - which I assume means state taxes also. Hope so, since mine charges another almost 8%.

But they don't normally withhold state taxes, do they? So it's possible none of the state taxes are covered if you read it that way.

New Hot Lotto

C0w Pi3 — Sun, 12 May 2013 06:54:10 GMT

So the hot lotto game has changed and on the website it's say $6,160,000 tax withholding paid. so essientially you still owe the other 14.6% in taxes