I accidentally called Federal Taxes fees. My bad. :)

Reply #19

Stack47 — Sun, 05 Dec 2021 01:49:20 GMT

You Tube has lots of info but I'd go to the official state lottery website before handing my ticket to the clerk at the local convenient store.

I'm confused on why People would get notarized forms from their bank when they could just get the claim form

To clarify I mentioned paying an actual fee for collecting lottery winnings because you confused tax deductions with a fee . The Ohio Lottery created a payment process where prize winners under $5001 could collect the next day and didn't h... [ More ]

Reply #18

rdgrnr — Sat, 04 Dec 2021 23:17:36 GMT

Note to you, always check what name is on the reference post.

That wasn't directed at you, Stench47.

You're gettin' a little paranoid, ain'tcha son?

Wouldn't hurt you to get a sense of humor either.

Reply #17

Stack47 — Sat, 04 Dec 2021 23:02:33 GMT

Note to self: always check what the spell checker gives before posting. But I did another claim form notarized at a car dealership.

Reply #16

grwurston — Sat, 04 Dec 2021 18:22:49 GMT

It depends on where you live. Different states, different rules.

Reply #15

rdgrnr — Sat, 04 Dec 2021 14:40:32 GMT

Yeah, especially if it's a Mercury.

An Evinrude or Johnson would be a little cheaper though.

Reply #14

Karen Nathan — Sat, 04 Dec 2021 08:44:09 GMT

Until this thread, I was always under the impression that you just showed up to the Lottery Office with your winning ticket and they gave you a Claim Form. I had NO idea about getting notorized Forms from Banks until this Thread. But a guy on YouTube who won Lottery Winnings went to his Lottery Office with his winning ticket and filled out a Claim Form from them and he said he had to mail it and he got his check about six weeks later. I'm confused on why People would get notarized forms from the... [ More ]

Reply #13

KY Floyd — Sat, 04 Dec 2021 08:16:34 GMT

a form that the player gets motorized

That sounds kind of expensive and unnecessary.

Reply #12

Stack47 — Sat, 04 Dec 2021 02:06:39 GMT

You must have missed the part where I said In Ohio if the prize is between $600 and $5000, retailers will validate the ticket, fill out a W-2 and a form that the player gets notarized and then the player takes the form to a bank the authorized by the Ohio Lottery . Oh and you apparently missed when I said I believe they called the $10 charge a bank processing fee and was deducted regardless of taking cash or a check.

I was told the bank would charge the $10 processing when had the ticket val... [ More ]

Reply #11

ddude003 — Sat, 04 Dec 2021 01:07:38 GMT

I can see a bank charging a fee for writing a bank draft, cashier's check or an outgoing ACH transfer... And I would walk away from any bank that would charge a fee for incoming monies deposits...

Reply #10

Speler — Fri, 03 Dec 2021 21:36:12 GMT

I use the paper forms and I pay cash. I calculate the payouts before going to the shop. So far I didn't need any gun to get the cash.

Reply #9

Artist77 — Fri, 03 Dec 2021 19:52:26 GMT

I agree. I am sure we all have cashed larger than normal checks at our banks. If a teller tried to charge me a fee, my accounts would no longer be in that bank.

Lottery players in particular should be wise about basic financial matters.

.

Reply #8

rdgrnr — Fri, 03 Dec 2021 18:48:35 GMT

If you let a bank teller rip you off for 10 bucks or any other amount and you're too timid to say anything about it, well, you can't really blame anybody but yourself.

Better luck next time!

Hope your dream comes true and you get a really big one

Reply #7

Stack47 — Fri, 03 Dec 2021 18:35:37 GMT

I believe they called the $10 charge a bank processing fee and was deducted regardless of taking cash or a check. The thing with the weird teller happened the first time I ever had a $5000 winning ticket and it was right after the Ohio Lottery began using banks to pay winnings over $600 and under $5001. Before that tickets had to be taken to a regional or state office and took six weeks to get a check.

Reply #6

Stack47 — Fri, 03 Dec 2021 18:25:19 GMT

In Ohio if the prize is between $600 and $5000, retailers will validate the ticket, fill out a W-2 and a form that the player gets motorized and then the player takes the form to a bank the authorized by the Ohio Lottery. Including driving, the process took about an hour. Ohio runs a player savvy lottery making it as easy as possible for players to collect winnings. For prizes over $5000, players go to a regional lottery office or to lottery headquarters where state and federal taxes will be ded... [ More ]

Reply #5

DELotteryPlyr — Fri, 03 Dec 2021 15:16:13 GMT

It sounds like a check cashing fee. So they got there winnings in a check and went to the bank to cash it.

Reply #4

Karen Nathan — Fri, 03 Dec 2021 01:34:30 GMT

Hmm. So a $2500 ticket has a tax rate of 4 percent for a deduction of $100. Not bad. Still have $2400.

Reply #3

ddude003 — Fri, 03 Dec 2021 01:06:47 GMT

I wonder how many States actually post something this straight forward on their Lottery Websites?

Taxes

All Lottery winnings are subject to federal and state taxes. The Missouri Lottery is required to withhold 4% Missouri state tax on prizes of $600.01 or more, along with 24% federal tax for prizes of more than $5,000. Winners may owe additional taxes for the prize or they may receive a refund, depending on personal income.

The Missouri Lottery Website does...

Reply #2

Karen Nathan — Thu, 02 Dec 2021 22:51:55 GMT

I'm confused. WHY were you collecting your $5,000 for a Pick 4 at a Bank? Shouldn't you have gotten the $5,000 from a Lottery Office? And then gotten $3,750 take home Winnings after the Federal Taxes and less if you have State Taxes

Reply #1

Stack47 — Thu, 02 Dec 2021 20:56:26 GMT

When I lived in Ohio I paid a $10 fee to collect $5000 after hitting the pick-4 straight. I had to get the bank manager to tell the teller to take the $10 out of the winnings because she wanted me to pay the fee up front. Couldn't blame the Ohio Lottery when the Teller was having a bad hair day , but neither the teller or the manager were working at that bank next time I collected winnings.

FYI, 25% is deducted for Federal tax on winnings over $25,000. Florida has no state tax, but if you win... [ More ]

I accidentally called Federal Taxes fees. My bad. :)

Karen Nathan — Thu, 02 Dec 2021 11:42:46 GMT

So on YouTube, a Woman won $98,000 on a Slot Machine. I noticed that virtually none of the replies asked her how much she paid in Taxes. So I mentioned about a guy who had won about $126,000 and got $80,000 in take home Winnings and how Posters were disgusted and SHOCKED that $46,000 was taken out for Taxes. She replied, I paid about $3,000 in Taxes. I mentioned how cheap her Taxes were compared to the guy who had $46,000 taken out for Taxes.

She replied something like, Yep, my State Tax... [ More ]