I feel sorry for lottery winners in California in the pass and future...

Reply #24

haymaker — Sat, 21 Dec 2013 00:58:20 GMT

LOL

And don't try to go over cajon pass w/out tire chains in the winter.

Reply #23

onlymoney — Sat, 21 Dec 2013 00:25:20 GMT

Coin wrote Donner's Pass , not Dinner's Pass . lol

Reply #22

onlymoney — Sat, 21 Dec 2013 00:23:49 GMT

OMG !

HA

LMAO...

Reply #21

onlymoney — Sat, 21 Dec 2013 00:20:21 GMT

I'll explain. Winning a cut down check from a million down to let's say 200,000 sucks !

But I'd be 200,000 dollars richer than I'm now. I'd be happier than a pig in shlitz if i only won 50,000. PARTY TIME

Reply #20

rdgrnr — Fri, 20 Dec 2013 23:44:11 GMT

I hear there's nothin' good to eat up there either...

Reply #19

mrcraft — Fri, 20 Dec 2013 19:18:13 GMT

I really don't have that much to complain about with our lottery system here other than wishing for a looser scratcher payout and swapping the Daily Derby with something like Arizona's 2x2, Texas's All or Nothing, or some other interesting numbers game.

Reply #18

gnozahs — Fri, 20 Dec 2013 19:08:28 GMT

How do I feel?

I don't really give a crap. I don't even think a second about it. Give me a couple mil and I'm a happy camper.

Reply #17

Stack47 — Fri, 20 Dec 2013 19:03:39 GMT

You really should do some research before talking about lottery games and probably before playing them.

California has no state income tax on lottery winnings and a parimutuel prize is exactly that. They take a percentage of all the play and divide the remainder by the number of winning tickets. A fixed percentage of the remainder goes into the 5 number match pool and if nobody wins its added to the next drawing pool.

I have seen winners win 1 million but then end up with a really cut dow... [ More ]

Reply #16

mrcraft — Fri, 20 Dec 2013 18:15:36 GMT

Not during this most recent Mega Millions jackpot run. We don't have multipliers in California, so all we can wager is $1.00 per line. The two California 5/5 winners won $2.6 million each instead of the $1 million the other 5/5 winners won. The lower tier prizes were smaller than the fixed payouts though.

Reply #15

tony869 — Fri, 20 Dec 2013 18:04:09 GMT

Well explain this -- California awards all prizes in a pari-mutuel formula, which calculates the prize amount based on the number of tickets sold and the number of winners in each prize category. I have seen winners win 1 million but then end up with a really cut down check size..

Reply #14

lottolaughs — Fri, 20 Dec 2013 16:46:39 GMT

Don't feel sorry for us here in California. Don't feel sorry for any lottery player anywhere.

If you've won a jackpot,regardless of what taxes you pay...hey...you can afford it.

So you have a few less million. LOL. Who in this day and age even has 1 million

Reply #13

KY Floyd — Fri, 20 Dec 2013 16:44:06 GMT

Curry will only need to claim it as 2013 income if the state transfers the money in 2013. Since Curry submitted her claim as quickly as possible any delay is out of her control, and certainly qualifies as a substantial restriction on her ability to receive it as income by the 31st. Since it generally takes 2 weeks for a state to transfer funds, it's most likely to happen in 2014. FWIW, her immmediate claim could be influenced by the possibility that taxes could be higher if she collects in 2014.... [ More ]

Reply #12

KY Floyd — Fri, 20 Dec 2013 16:27:42 GMT

Exactly what I was thinking. I don't know about the future, but I definitely feel sorry for those poor people in the Donner Pass.

Reply #11

jrosina — Fri, 20 Dec 2013 15:17:51 GMT

My feeling Exactly...

Reply #10

Shelby Mustang — Fri, 20 Dec 2013 13:09:58 GMT

Shoot I wish I had that problem LOL Having to pay 40 million in taxes and being able to do that and STILL have hundreds of millions left after you pay....All I can say is, I cant wait til it's me LOL

Reply #9

Saylorgirl — Fri, 20 Dec 2013 11:43:58 GMT

If the winner from California waits until after the 1st of Januray it will be the 2014 taxes and April 2015. Ira Curry from Georgia claimed hers in 2013 so she will be paying taxes for this year.

Reply #8

aftermath — Fri, 20 Dec 2013 08:08:15 GMT

Since the drawing was in 2013 dont you have claim it on your 2013 taxes april 2014

Reply #7

noise-gate — Fri, 20 Dec 2013 05:54:27 GMT

California is still the most populous State in the Nation. l wonder why that is?

* Anyways- lm off to Europe tomorrow with the wife to visit friends in Germany and beyond. See you all in 2014.

Be well.

Reply #6

onlymoney — Fri, 20 Dec 2013 04:24:51 GMT

I agree. There's no way I'd be able to live on a few million bucks less than what I was due.

Rather work for a meager living than have financial freedom, yeah, that's the ticket. That'll show them !

In fact, If I won 5 million in California, I'd give it all back to prove a point. It's not the money, it's the principal.

Reply #5

Coin Toss — Fri, 20 Dec 2013 03:38:18 GMT

I feel sorry for lottery winners in California in the pass and future...

I'm not in California anymore but that Donner Pass certainly is some wicked terrain.

Reply #4

Jill34786 — Fri, 20 Dec 2013 03:06:17 GMT

No state tax on lottery winnings in California. The $40 million you mentioned in taxes is just the 25% initial withholding from the Federal Government. The winner will be responsible for another 14.6% when they file tax returns in 2015.

The total Federal tax due on the $173 million lump sum is over $68 million and this applies to every state. If you live in a state that does charge an income tax on lottery winnings then you can deduct that portion from your AGI thus mitigating your Federal ob... [ More ]

Reply #3

rdgrnr — Fri, 20 Dec 2013 03:03:59 GMT

I bet Governor Moonbeam doesn't know about that.

Yet.

Reply #2

mrcraft — Fri, 20 Dec 2013 02:56:27 GMT

Yup. As long as we purchase MM or PB tickets inside California (plus all other state lottery games), we don't pay 1 cent in state/local taxes for lottery winnings.

Reply #1

Toronto — Fri, 20 Dec 2013 02:15:33 GMT

There are no state or local income taxes on California prizes for California residents.

I feel sorry for lottery winners in California in the pass and future...

tony869 — Fri, 20 Dec 2013 02:14:00 GMT

Well in light of the recent mega million winner in California is f##ked because he or she will have to pay out about $40 million in state taxes and income taxes... . snip I would never buy any lottery tickets in California even if I am passing through California..

So any California LP folks care to comment on this thread?

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