The 180 million dollar store

Reply #6

CASH Only — Tue, 24 Jun 2003 10:07:59 GMT

If the ticket was bought in New Jersey, and the winner(s) is/are NJ resident(s), there is NO state income tax on the prize.(Unless they are foolish enough to take the annuity, and NJ dventually taxes _all_ lottery winnings.

Reply #5

megamillionaire — Mon, 23 Jun 2003 17:48:38 GMT

Quote: Originally posted by JAP69 on June 22, 2003 Very interesting article.The info about the state keeping the interest on the money until a winner comes forward was an eye opener.I always thought that the lottery ticket was a bearer instrument and the money belonged to the bearer immediatly after the draw. Not only do they get the interest they get 9 million in taxes.

Reply #4

CASH Only — Sun, 22 Jun 2003 18:26:48 GMT

At least Maryland gives winners a 60-day window to decide between cash and annuity.Had the ticket been bought here in NY, the choice (made WHEN you play) is binding.

Reply #3

Thomas Covenant — Sun, 22 Jun 2003 18:22:50 GMT

According to the IRS you become liable for taxes after you validate your ticket.

Reply #2

JAP69 — Sun, 22 Jun 2003 18:16:21 GMT

Very interesting article.The info about the state keeping the interest on the money until a winner comes forward was an eye opener.I always thought that the lottery ticket was a bearer instrument and the money belonged to the bearer immediatly after the draw.

Reply #1

golotto — Sun, 22 Jun 2003 16:39:06 GMT

thanks for that link

The 180 million dollar store

megamillionaire — Sun, 22 Jun 2003 13:16:05 GMT

In case you're curious here's a story on the store that sold the Mega-Millions jackpot ticket.http://www.sunspot.net/news/local/bal-md.millions22jun22.story