TAX... lower tier prizes

Reply #86

mikeintexas — Wed, 11 Dec 2013 10:20:29 GMT

Billionaire is correct

I figured I'd win the lottery before I ever heard that.

Reply #85

rdgrnr — Wed, 11 Dec 2013 10:04:18 GMT

Hello?

Hello?

Hello?

Hmmm... that's funny, all I hear is crickets...

Reply #84

Stack47 — Wed, 11 Dec 2013 06:10:36 GMT

Can we all be civil and lets talk about good fortune here?

Good fortune is playing a double pick-4 combo multiple $1 tickets and finding out it won. What we have here are people who apparently never experienced good fortune so they create some BS about the U.S. tax codes.

I think your times should be well spent doing something esle rather than having a verbal fight that has no point.

At least this topic applies to lottery games. Some people believe the IRS might be monitoring this si... [ More ]

Reply #83

mikeintexas — Wed, 11 Dec 2013 02:37:09 GMT

Gosh, I was figuring that if you got a paltry 1% on 27 million, that would give you somewhere in the vicinity of $740/day in interest (not counting taxes) Coincidentally, 27 million is the amt. David Edwards won and wasted in a short time, then died penniless. (the discussion in that thread on Lottery News forum got a little heated. One million would've been too much money for him to handle and 27 million wasn't enough)

I appreciate your answer, but I'd really like to find out for sure, ju... [ More ]

Reply #82

Jon D — Wed, 11 Dec 2013 00:12:38 GMT

Yeah, you'd have a bit of an advantage for a while. But knowing greedy bastids at IRS, they might try to close that loophole as jackpots increase nowadays, and add another progressive tier or two to automatic withholdings, like over $10,000,000 lottery win is subject to automatic 39% withholding.(they leave you 0.6% at least...)

Uh oh, shouldn't have said that. The NSA is probably watching this site,(via Google) and they share info with the IRS. Don't wanna give them ideas.

Reply #81

mikeintexas — Tue, 10 Dec 2013 21:25:11 GMT

That's sorta what I was thinking, too. I always try to find an answer on my own but either it wasn't on the 'net or I wasn't phrasing the question properly...or didn't search enough of the results.

My question came about from looking at the calendar and thinking that if I DID win tonight's MM, there would be no way I could claim it until after the start of the new year.* I guess the ideal time to win a large sum of money is at the first of the year so you could use the 14.6% of the tax bal... [ More ]

Reply #80

rdgrnr — Tue, 10 Dec 2013 20:04:59 GMT

I started to read your post but it's just more of the same kettle of fish, isn't it?

Billionaire is correct

LOL, how apropos of you to quote him quoting me.

How is he anyway

Reply #79

rdgrnr — Tue, 10 Dec 2013 19:57:23 GMT

I agree p4wanbi.

Don't disagree with Stink47 though.

He'll stalk you forever.

He can't be reasoned with.

Reply #78

p4wanbi — Tue, 10 Dec 2013 19:29:37 GMT

Can we all be civil and lets talk about good fortune here? I think your times should be well spent doing something esle rather than having a verbal fight that has no point. Just have fun and enjoy the snow :).

Reply #77

Stack47 — Tue, 10 Dec 2013 18:38:26 GMT

You're still doing what you do best; trying to be a cyber bully using juvenile name calling when you can't prove something.

You won't listen to logic or common sense and you especially won't listen to the law

You haven't shown any law, Dummy; you're just babbling on because there is no law defining gambling winnings .

In applying 165(d), it is necessary to interpret the words gains and losses

from wagering transactions. These terms are not defined in the Code, regulations,

leg... [ More ]

Reply #76

Jon D — Tue, 10 Dec 2013 17:54:18 GMT

Mike was talking about Uncle Sam, meaning the IRS/Feds, and that is the same for all states. Also was referring to Mega Millions, which is a jackpot game with cash and annuity options.

For a jackpot game with annuity and cash option, you have up to 60 days to choose your payment option, and at that point your are actually paid. So for instance if you won Mega Millions JP in October 2013, but claimed in January 2014, your winnings would be in 2013 because your choice expired and you had automa... [ More ]

Reply #75

p4wanbi — Tue, 10 Dec 2013 17:15:44 GMT

Jon D, you're right but that would depend on the states you're in. Each state has their policy for the jackpot games, even the payouts are different and also the alloted time to cash it in. It varies state by state although the games are national games.

Reply #74

Jon D — Tue, 10 Dec 2013 14:55:08 GMT

Actually, the winnings are taxable in the year in which you are paid, not the draw date. So if you win the 12/31/13 draw, your winnings would be counted for 2014. But there are limits, such as 60 days to choose the annuity or cash option.

From the W-2G instructions:

A payment of winnings is considered made when it is paid, either actually or constructively, to the winner. Winnings are constructively paid when they are credited to, or set apart for, that person without any substantial limit... [ More ]

Reply #73

p4wanbi — Tue, 10 Dec 2013 12:55:19 GMT

no. Uncle Sam just won't let you do that. I don't think you can outsmart the IRS in anyway possible. If you won the mega jackpot tuesday night and waited 'til after Jan. 1st to claim it, it will be counted toward 2013. The actual winning occurs at the time of the drawing hence the date stated on your ticket. Everything on your ticket should state the respective year you purchase it. I'm sure you know the reason why there is a 180 days for you to claim the jackpot or any winnings or else it will... [ More ]

Reply #72

mikeintexas — Tue, 10 Dec 2013 06:59:52 GMT

I started to make a new thread, then decided this one would do b/c it's about taxes.

Hard to phrase my question, but let's take a hypothetical situation: Let's say you won the Mega Millions JP Tuesday night but waited until after Jan. 1st to claim it; would it count as winnings in 2013 b/c you hit the lottery then or in 2014 b/c that's when the money was transferred to your account? If it's the latter, then you could make a significant amount of money on the difference between what they ta... [ More ]

Reply #71

rdgrnr — Tue, 10 Dec 2013 02:36:10 GMT

explain to us how the IRS could find out that someone cashed three $400 box wins last month and collected $1200?

You just don't get it, do you, numbnuts?

You're a cheat and a thief and a chiseler and a crook by nature and that's why you ask a question like that.

You keep talking about how you can get away with not paying your taxes by not declaring all your winnings.

And I keep explaining how that is wrong and illegal, you insufferable moron!

I'm tired of trying to explain simple... [ More ]

Reply #70

grwurston — Tue, 10 Dec 2013 01:09:25 GMT

http://shar.es/OnARe Check out this link for the difference between casual and professional gamblers and the

tax differences.

Reply #69

Stack47 — Tue, 10 Dec 2013 00:15:42 GMT

Keeping a W2 and not reporting the income now is almost certainly a guaranteed way to start an unpleasant interaction with the IRS.

W-2Gs are issue when the prize is paid and they don't usually send out a reminder in January or April. And if a tax payer forgot about the W-2G, the IRS will gladly amend their tax return and send them a bill. We all can agree it's not very smart to not include reported income on a 1040, but we're talking about non-reported income.

Do you think the IRS emplo... [ More ]

Reply #68

KY Floyd — Mon, 09 Dec 2013 23:10:55 GMT

Do you think we can't tell when you're trying to change the question?

The IRS discusses gambing winnings , gambling losses, and gambling income in many publications. I trust you know how Google works.

Reply #67

Stack47 — Mon, 09 Dec 2013 21:46:27 GMT

If you won a couple of grand and reported no income because of your losses, the fact that you assume you did things correctly just because you weren't audited remains a simple assumption.

Maybe some common sense will help and I'll use an LP member as an example. One Ohio Classic Lotto ticket won $1500 early in 2013, but since then the LP member has lost most or maybe all of the winnings. Those winnings were reported to the IRS, so regardless whether that player lost every penny and lost thou... [ More ]

Reply #66

KY Floyd — Mon, 09 Dec 2013 21:23:25 GMT

I can go you one better. I once called the IRS to get some information my employer sent me a W2 characterizing some of my income as disability pay with nothing withheld, after I took some time off after breaking my leg. The IRS employee I spoke to me told me that the IRS would have no knowledge that I was paid that income until I sent the W2 in with my tax return.

Do you think the IRS employee was telling me it wasn't taxable income just because they told me how to make it a virtual certainty... [ More ]

Reply #65

Stack47 — Mon, 09 Dec 2013 21:14:56 GMT

Looks like you're still unsuccessfully trying to play the cyber bully and pretending you understand the IRS tax codes on gambling winnings .

But is it legal? No.

Are you pretending to be an IRS agent now to impress your SAHM groupies?

If you have any experience winning a significant unreported lottery prize, tell us you handled line 21 and if you have never won a significant prize, shut your pie hole.

People have been caught and prosecuted for doing just that. In fact I remember r... [ More ]

Reply #64

KY Floyd — Mon, 09 Dec 2013 21:10:36 GMT

I used to think you were one of the smarter people here. If I've won a million dollars and not been audited my experince with winning doesn't really tell me anything about the IRS's feelings on the matter, except that they didn't feel aneed to audit me. If you won a couple of grand and reported no income because of your losses, the fact that you assume you did things correctly just because you weren't audited remains a simple assumption.

Do you have any experience with reading the IRS rules... [ More ]

Reply #63

rdgrnr — Mon, 09 Dec 2013 16:26:48 GMT

The clerk said you can get get paid at the lottery merchants and you can do this for 10 tickets at 10 different locations or even one location (if they have the money) and you dont have to pay taxes.

Well, she just told you how to avoid paying the taxes due on your winnings under law.

Can you get away with it? Yes, apparently you can, according to that person from Kentucky who apparently does it all the time and recommends it.

But is it legal? No.

People have been caught and prosecu... [ More ]

Reply #62

Jon D — Mon, 09 Dec 2013 16:13:37 GMT

Yep, your personal experiences match up with the instructions for W-2G and the rules for reporting and withholding.

But you bring up a valid point with #6: multi-line tickets.

If you buy 2 lines of pick 3 str on one ticket and both numbers hit for $500, you have a $1000 winning ticket and have to go to a claims center and it gets reported. If you bought two single line tickets, each ticket would be $500 and you could cash at any retailer and it would not be reported.

Either way, the win... [ More ]

Reply #61

p4wanbi — Mon, 09 Dec 2013 15:28:30 GMT

Speaking from recent experiences, and I think someone has clarified it already but I will summary it with this.

1. When I won a $500.00 ticket on Pick3 straight, I can cash it instantly at any store with lottery machines.

2. When I won a $600.00 ticket on a Pick4, I need to take it to the lottery claiming center with a form download available online. (this is strictly VA not sure about others)

3. When I won a $26,000 I was told taxes will be deducted right at the counter, 25% fed... [ More ]

Reply #60

Slick Nick — Mon, 09 Dec 2013 15:13:46 GMT

Reply #59

rdgrnr — Mon, 09 Dec 2013 15:00:24 GMT

For smaller prizes, many lottery players pocket the cash from a ticket that pays $10 or $100. In fact, that income is still technically taxable, even though the IRS receives no report it.

Don't tell Kentucky Numbnuts that, he'll go into a rage.

Reply #58

rdgrnr — Mon, 09 Dec 2013 14:57:22 GMT

Gambling winnings are fully taxable and must be reported on your tax return.

Absolutely right.

Good thing you didn't address that to a certain bozo from Kentucky though, cuz he'd have one of his usual hissy fits and start stalking you like he does me.

He says you don't have to claim any winnings unless they give you a tax form.

Reply #57

onlymoney — Mon, 09 Dec 2013 14:16:43 GMT

Solomon Poretsky

Solomon Poretsky has been writing since 1996 and has been published in a number of trade publications including the Minnesota Real Estate Journal and Minnesota Multi-Housing Association Advocate. He holds a Bachelor of Arts, cum laude, from Columbia University and has extensive experience in the fields of financial services, real estate and technology

Read more: http://www.ehow.com/info_8778974_lottery-winnings-taxable.html#ixzz2mzGJbLOo

Reporting on Lottery Winn... [ More ]

Reply #56

onlymoney — Mon, 09 Dec 2013 14:08:32 GMT

The following is an excerpt from the IRS website, http://www.irs.gov/taxtopics/tc419.html

Topic 419 - Gambling Income and Losses

The following rules apply to casual gamblers. Gambling winnings are fully taxable and must be reported on your tax return. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and also the fair market value of prizes such as cars and trips. For additional information, refer to Publi... [ More ]

Reply #55

Stack47 — Sun, 08 Dec 2013 22:35:00 GMT

Would that be your definition that defines betting $1 billion to win $1 gambling winnings?

Do you have any real experience with lottery winnings or are just offering the usual BS

Reply #54

Stack47 — Sun, 08 Dec 2013 22:29:29 GMT

The IRS code calls it gambling winnings , Dummy. You don't even know what gambling winnings are because you never won anything substantial enough to get a W-2G.

And which part of I suggested that anyone should contact a tax expert is causing what's left of your brain to malfunction

Reply #53

HHEH-100 — Sun, 08 Dec 2013 20:09:00 GMT

He just said watch the calendar.... he wheeled digits too; I'm doing that now and finding it better in Pick-3. Pick-4 doubles play a lot; he also had a book with previous year numbers that he claim fell within 60 days of the original date ( I've never seen a book like this in Indiana or Illinois; he had some for VA, NC and GA). This book, what he liked mainly about it was... it showed how many folks played the certain Pick-3 number straight..... he always talked about buying the numbers that was... [ More ]

Reply #52

KY Floyd — Sun, 08 Dec 2013 17:19:46 GMT

the real confusion seems to be no definitive definition of lottery winnings

There's at least one definitive definition, and as long as you're not an idiot you should be able to figure out whose definition it is.

Reply #51

helpmewin — Sun, 08 Dec 2013 16:39:48 GMT

ok might as well take the gas money out so i guess a win would now be $572.50

Reply #50

rdgrnr — Sat, 07 Dec 2013 20:00:12 GMT

Doesn't make any difference, stupid.

It's STILL taxable income.

Can't you understand that?

Can't you get that through your thick skull

Reply #49

Stack47 — Sat, 07 Dec 2013 19:47:15 GMT

And that's why I suggested talking with experts.

When you were a Craps Dealer you probably saw many players buy in for thousands and walk to the cage with a few hundred. And probably during their time at the table, they won and lost several thousands. None of the will get a W-2G, but how many of them did you see with a notebook recording every bet they made

Reply #48

Stack47 — Sat, 07 Dec 2013 19:40:51 GMT

I think it must be confusing, because we see tax questions every other week it seems.

A KY lottery pick-3 $1 straight ticket pays $600 and the KY lottery says Claim form is not required for prizes less than $600. and goes on to explain how To claim a winning prize over $600: . The $600 prize will not be reported to the IRS, but the question of is it taxable income still exists. If Dudley Dooright wants to declare any and all lottery winnings on line 21, it's none of my business and none of m... [ More ]

Reply #47

Stack47 — Sat, 07 Dec 2013 18:23:19 GMT

Because the ticket cost $1, the KY pick-3 straight winnings are actually $599 and no W-2G is issued.

Reply #46

Stack47 — Sat, 07 Dec 2013 17:43:28 GMT

Even though I mentioned at least twice to check with a tax expert, you're the only LP member who says I'm saying something else.

No, you're a liar, Kentucky Clownboy.

Yep, that's the type of personal insults I'd expect from someone who brags about being too dumb to know how many draws their ticket was good for. For a top 50 poster , you're not very lottery savvy. You blame a clerk when a ticket you bought expired after saying the amount of drawings would be fine .

Is that like the tim... [ More ]

Reply #45

Nikkicute — Sat, 07 Dec 2013 17:37:00 GMT

Boooo !!! lol

What's the point of buying seperate tickets and playing the numbers straight if

you can't keep all of it?

I'm moving to Canada!!!! lol

Reply #44

rdgrnr — Sat, 07 Dec 2013 12:02:16 GMT

Winnings under $600 are not reported, but you are required to report the winnings yourself on the honor system. All winnings are assumed to be income and treated as income and will be taxed, unless you can deduct the losses to show no net income when you file.

Exactly.

This is what the OP wanted to know.

Thank you, Jon D.

Reply #43

duckman — Sat, 07 Dec 2013 05:19:06 GMT

This is correct.

Report it, keep good records, but don't worry...if you are like the vast majority of lottery players, you will lose more than you win...

Reply #42

Jon D — Sat, 07 Dec 2013 04:05:54 GMT

I think it must be confusing, because we see tax questions every other week it seems. Maybe LP needs a place for sticky topics and guides, written by members, approved by staff, that could possibly go in the help section or someplace for common lottery questions.

I think most people are confused between winnings and income, and between reporting and withholding.

Winnings $600 or above are reported to the IRS. Winnings above $5000 are subject to automatic 25% withholding in addition to repo... [ More ]

Reply #41

helpmewin — Sat, 07 Dec 2013 04:05:01 GMT

Same here $500.00, $600.00 in KY you can get money at the store no questions ask.

as for taxes i think you have to make so much money a year to even FILE TAXES.

so if you choose to go to the Lottery office they will handle everything for you so that way you can live a stress FREE life and be Happy and go spend your money and have some FUN

Reply #40

onlymoney — Sat, 07 Dec 2013 03:19:49 GMT

Thanks Ed McMahon.

Reply #39

onlymoney — Sat, 07 Dec 2013 03:13:44 GMT

If you spend $100 to win that 20 bucks on that scratch-off, is it still taxable income?

No, I'm talking about net income.

Reply #38

rdgrnr — Sat, 07 Dec 2013 01:01:14 GMT

No, you're a liar, Kentucky Clownboy.

You've been pitching that line of bs that you don't have to pay taxes on winnings if they don't give you a tax form for a long, long time now.

That's a lie and you know it.

Pay your fair share like everybody else.

Reply #37

rdgrnr — Sat, 07 Dec 2013 00:51:43 GMT

He don't wanna hear it, CT.

Don't confuse him with facts, his mind is made up.

Reply #36

KY Floyd — Fri, 06 Dec 2013 23:52:16 GMT

Gambling winnings is the confusing part

I guess so. If you spend a billion dollars on tickets and win $1 you've got $1 in gambling winnings. That you have enough in deductible losses to eliminate taxes doesn't mean you don't have winnings that are supposed to be reported. The rules on the IRS website are perfectly clear, and I would have presumed you'd be able to understand them.

I'd also have thought it was pretty easy to understand that my post was directed at the mathematical anoma... [ More ]

Reply #35

Stack47 — Fri, 06 Dec 2013 20:30:05 GMT

I thought you knew better.

Gambling winnings. You must include your gambling winnings in your income on Form 1040, line 21.

Gambling winnings is the confusing part. If a scratch-off player spends $20 on four $5 scratch-off tickets and one of the tickets is a $10 winner, which part of the fact the player still lost $10 and had no actual gambling winnings is confusing you

Reply #34

Stack47 — Fri, 06 Dec 2013 20:13:47 GMT

I know you're trying to save face with all your SAHM groupies, but you're a liar for saying I told anyone to break the law. We all know you're full of it, but that doesn't mean you can lie about other members.

Just because they don't give you a tax form on a $600 win doesn't mean it's not taxable income, wake the hell up.

Why are you lying and trying to make it look like I said unreported income isn't taxable

Reply #33

Stack47 — Fri, 06 Dec 2013 19:48:25 GMT

I'm not sure what you're disagreeing with because I never said unreported gambling winnings are tax exempt. I guessed I wrongly assumed you had experience with getting a W-2G from lottery winnings too. If you paint a wall for a friend and believe it's unreported taxable income, declare it on your 1040 and if you win 20 bucks on a scratch-off, declare that too.

I don't know how long you've been on LP, but their are many different definitions of gambling winnings . If you spend $100 to win that... [ More ]

Reply #32

HHEH-100 — Fri, 06 Dec 2013 19:00:03 GMT

You are 100% correct.

Reply #31

helpmewin — Fri, 06 Dec 2013 10:48:57 GMT

cash4ninja, For one thing i wasn't talking to you.

And for the second thing with what you said

I could care less what any Member on LP thought ------------LET'S START WITH YOU

Reply #30

rdgrnr — Fri, 06 Dec 2013 09:15:45 GMT

The guy was just asking for honest advice and you tell him to break the law.

Just because you cheat on your income taxes and get away with it doesn't make it a good idea.

You shouldn't counsel people to break the law unless you can serve the time for them.

Just because they don't give you a tax form on a $600 win doesn't mean it's not taxable income, wake the hell up.

Deal with your own guilt and fear for not paying your taxes; don't drag other people into your misery loves company t... [ More ]

Reply #29

KY Floyd — Fri, 06 Dec 2013 08:51:37 GMT

The concept of taxable income is simple and straighforward. Which part is confusing you

Reply #28

cash4ninja — Fri, 06 Dec 2013 07:56:00 GMT

What's impossible about hitting pick4 box with 100 tickets

Does anyone on Lottery Post think winning is possible.....

So many folk on here lose so much.

When they see a winner or read about one. They think its a hoax...

As far as to prove tickets to lotterypost members. Who does that..

What would it prove. I'f I'm a winner I could care less what any

Member on LP thought.

Btw, I know u already know this...

When I see winners or read their story. I don't h... [ More ]

Reply #27

HHEH-100 — Fri, 06 Dec 2013 02:24:10 GMT

It was an example.... but I don't think it's impossible. I know folks that win thousands and will buy 100/$1 tickets at a time... that's $20K in boxed $200 tickets. I'm going to email the website again of my state lottery and hopefully they answer. Heck maybe I'll put the link to this thread in the email... this should get the point across clearly now.

thank you all who have replied.

HHEH

Reply #26

onlymoney — Fri, 06 Dec 2013 02:23:14 GMT

but there is no reported winnings up to $600

I disagree. Just because there's no form to fill out for it doesn't make that income exempt from paying tax on it.

If I paint a wall for a friend for 20 bucks, it's still taxable income. Winning 20 bucks on a scratcher is also taxable income.

Does the IRS have the resources to enforce all the trivial income not being reported on a daily basis? NO !

But technically, it's still taxable income.

Reply #25

Six balls — Fri, 06 Dec 2013 02:11:08 GMT

When I see threads about what really-really counts as income vs what sorta-not-really has to be reported, I always want to post a picture of Al Capone.

If you figure out how to move your hypothetical $60k/yr in P3 sub-$600 prizes without your banking patterns giving you away, hire yourself out to the mob. They'll pay you even more.

Reply #24

helpmewin — Fri, 06 Dec 2013 00:39:33 GMT

WELL IF YOU HAVE 1000 TICKETS @$200.00 EACH WE SURE LIKE TO SEE THEM POSTED IF NOT WAKE UP AND STOP DREAMING

By the way heres the LINK

https://www.lotterypost.com/thread/216513

Reply #23

JonnyBgood07 — Fri, 06 Dec 2013 00:35:38 GMT

That's up to you.

Reply #22

HHEH-100 — Thu, 05 Dec 2013 23:53:26 GMT

So... if I have one thousand $200 tickets.... should I cash them all in at once or cash three in at a time

Reply #21

JonnyBgood07 — Thu, 05 Dec 2013 22:08:31 GMT

as far as I always knew, you could cash in any amount of money($599and under as long as the winnings were in increments of a dollar..i.e.$1 str8 hits

As for paying taxes on it you'd be a fool

Our govt isn't honest with us..why be honest with them

Reply #20

Slick Nick — Thu, 05 Dec 2013 22:02:11 GMT

Good answer Stack, 601 to 5000.

Reply #19

Stack47 — Thu, 05 Dec 2013 20:58:17 GMT

I already was in an argument with someone with zero experience with substancal lottery winnings so I'm not interested in arguing with anyone who had multiple pick-3 straight winning tickets and other opinions on whether or not to include it as income.

Gambling winnings. You must include your gambling winnings in your income on Form 1040, line 21.

The difference is the winnings on a W-2G ($601 to $5000) is reported winnings, but there is no reported winnings up to $600. How anyone views unr... [ More ]

Reply #18

Stack47 — Thu, 05 Dec 2013 19:52:23 GMT

A $100 a hand Blackjack player could win $1200 by breaking even after 24 hands. Is it the intent of the IRS codes that all casual gamblers and lottery players must keep records of every hand of Blackjack or every scratch-off ticket and declare every winning hand or free ticket as income

Reply #17

cash4ninja — Thu, 05 Dec 2013 19:43:19 GMT

False. Govt income isn't taxable...

Reply #16

Slick Nick — Thu, 05 Dec 2013 19:33:25 GMT

Schiff I think it's safe to say did harm to the governement, he totally didn't like the tax system. A 200 lottery ticket winner the government doesn't even have time to take action for, or chase down the winner.

Reply #15

onlymoney — Thu, 05 Dec 2013 19:24:42 GMT

False. ALL income is taxable income. I looked it up at the IRS website.

Reply #14

Coin Toss — Thu, 05 Dec 2013 19:20:59 GMT

Stack47,

Irwin Schiff, currently serving time in a federal pen., tried telling the whole country they don't have to pay taxes.

Reply #13

Slick Nick — Thu, 05 Dec 2013 18:51:24 GMT

In New York, it is designed so that you can collect your winnings up to 600 without paying taxes. If you have 3 separate tickets, yout still tax free in New York.

Reply #12

rdgrnr — Thu, 05 Dec 2013 18:37:59 GMT

Hey numbnuts,

Do whatever the hell you wanna do, just leave me out of it, ok?

You're boring.

Stop clinging to me and trying to ride my coattails everywhere.

Talk to somebody else.

There must be somebody who's interested in your droning speeches.

Reply #11

rdgrnr — Thu, 05 Dec 2013 18:31:07 GMT

Ain't nothin' wrong with that

Reply #10

Stack47 — Thu, 05 Dec 2013 18:29:58 GMT

The question here is on gambling income which you either have no experience with or are trying to score some more points with the SAHM by pretending to be clever.

I'm interested in discussing better ways to play lottery games and getting better chances to win. And since you have no experience on those subjects either, I'm not a SAHM, there is no reason to follow you.

Reply #9

HHEH-100 — Thu, 05 Dec 2013 18:27:26 GMT

if one can systematically get four to five box hits a week....$800 to $1K weekly isn't bad.

Reply #8

rdgrnr — Thu, 05 Dec 2013 18:03:43 GMT

Do the right thing, HHEH, pay the taxes on it.

Get a tax guy.

Don't listen to any bozo who says you don't have to pay.

Reply #7

SergeM — Thu, 05 Dec 2013 18:02:20 GMT

There is no nice payout for lower tiers.

Reply #6

rdgrnr — Thu, 05 Dec 2013 18:01:21 GMT

Why, did you think I was referring to you because I used the term idiot ?

Are you going to start following me around now flaming me and harassing me like your clown buddy, billionairetubby does?

Please don't.

Reply #5

HHEH-100 — Thu, 05 Dec 2013 18:01:21 GMT

Ok.... now how about this.... let's say all your tickets are $200 each ( Pick-4 box plays) and thru the course of a year you ring up $60K.... do you have to file taxes? I know a dude that just bought a Vette (2014) off Pick-4 box play money and he just started thinking about the taxes. I'm doing the same.

He racked up the money in 11 months..... is this taxable money

Reply #4

Stack47 — Thu, 05 Dec 2013 17:51:52 GMT

Tell us about your experience when someone told you you don't have to pay taxes .

Reply #3

rdgrnr — Thu, 05 Dec 2013 17:35:31 GMT

Don't listen to any idiot who tells you you don't have to pay taxes.

Pay your taxes.

Reply #2

Stack47 — Thu, 05 Dec 2013 17:30:35 GMT

The law says you must include Certain Gambling Winnings on form 1040 and the IRS defines that as the gross winnings listed on a W-2G. Obviously you won't get a W-2G on your three $200 winning tickets, but I'd consult a real tax expert.

You'll find that some of the free advice you get on LP is not from lottery players with the experience of winning several amounts up to $600 or in some cases probably never won a significant amount up to $100. There is also lots of confusion on the difference b... [ More ]

Reply #1

rdgrnr — Thu, 05 Dec 2013 16:29:18 GMT

The law says you have to claim ALL income.

Only the guys in charge like Charlie Rangel can get away with not paying.

They'll throw you and me in jail in a heartbeat.

TAX... lower tier prizes

HHEH-100 — Thu, 05 Dec 2013 15:04:21 GMT

Folks always told me to play the lottery cause I'm good with numbers and tracking. I was advised to play the Pick-3; Pick-4 has my passion and nice payouts for lower tiers too. My question is this: if one constantly cashes in tickets below the taxable amount allowed ($600)....does he/she avoid both state and federal tax at the end of the year?

Now...if I have three $200 winning tickets that's still tax free correct?

HHEH