cashing large winning lottery tickets

Reply #8

KY Floyd — Sat, 21 Jan 2023 06:08:34 GMT

In NY anything up to $600 can be done at a retailer, and anything over that has to be claimed at a customer service center or a prize claim center. Hopefully there's one reasonably close to the OP's location, but there are worse things than driving 100 miles to claim 15k.

Reply #7

Stack47 — Sat, 21 Jan 2023 00:37:16 GMT

It really depends on your state lottery cashing policies. In Ohio after validating tickets valued over $600 at a retailer they use designated banks for payment. In KY they use Cashing Agents that will pay up to $5000 but if you make arrangements, with them, you could get the entire $15,000 the same or next day. Call your state lottery.

You'll get a W-2G for federal and any state taxes too,

Reply #6

Artist77 — Fri, 20 Jan 2023 21:11:54 GMT

You do not need a financial planner or an accountant for a 15 k win. You can use tax software that will calculate what you owe. You may need to make an estimated tax payment for additional taxes you might owe.

Reply #5

SHERWIN Vega — Fri, 20 Jan 2023 17:29:08 GMT

You pay on each ticket not on total sum. That's it

Reply #4

lakerben — Fri, 20 Jan 2023 16:49:35 GMT

Ive won big on the p4. Cash in and claim on taxes. They give you the forms at the lottery office. You dont need a lawyer ,planner unless it over 6 figures.

Reply #3

wander73 — Thu, 12 Jan 2023 19:33:26 GMT

I would cash them in, talk to your lawyer, financial planner and accountant anyway. you're going to need to sit down and figure out what you need to do. different tax bracket.

Reply #2

PrisonerSix — Wed, 04 Jan 2023 20:16:35 GMT

I would do it all at once and get it out of the way. Congratulations on your wins.

Reply #1

Win$500Quick — Wed, 04 Jan 2023 15:56:52 GMT

Congrats. Make one trip to the district office. Cash them all at once and move on to your next big win.

cashing large winning lottery tickets

bobwag3 — Wed, 04 Jan 2023 15:44:26 GMT

I have three NY win4 separate tickets with the winning number. They are worth $5000 each. Should I cash them all at once or on separate days for each and does it matter