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Lottery tax question...Reply
I'm not sure, but I think you only pay federal and state taxes when you claim your winnings. And you don't pay any income taxes on this money the following year. You will get a statement from your bank on the interest that was paid to your account and I think you pay taxes on that.
Feb 23, 2014, 9:22 am - bigbear29 - Lottery Discussion Forum

Isn't this the most unhappy lottery winner EVER?Reply
perhapps she just heard the taxes on the winning, then SNAP!
Jan 29, 2014, 5:02 pm - savagegoose - Lottery Discussion Forum

What's the highest amount you'd feel comfortable handling on your own??Reply
101.001.010 $ after they take the taxes and i pay the remianing taxes at end of taxable year..
Jan 17, 2014, 7:21 pm - Igamble - Lottery Discussion Forum

You win the powerball or mega millions, Taxes owned??Reply
You will still pay some negligible taxes such as sales tax when you buy things at the store and property taxes if you own property but no significant taxes if you just bank your money for the whole of 2015. The little interest earned there shall be your only taxable income.
Jan 16, 2014, 5:52 pm - maringoman - Lottery Discussion Forum

You win the powerball or mega millions, Taxes owned??Reply
The amount of taxes withheld is never the complete amount owed, you'll know that at the end of the year when you calculate your taxes and file.
Jan 16, 2014, 3:36 pm - RJOh - Lottery Discussion Forum

You just won 100 million dollars after taxes! Would you make her sign a pre-nup?
You just won 100 million dollars after taxes! Would you make her sign a pre-nup?
Jan 6, 2014, 4:29 pm - veganlife125 - Lottery Discussion Forum

I feel sorry for lottery winners in California in the pass and future...Reply
There are no state or local income taxes on California prizes for California residents.
Dec 19, 2013, 9:15 pm - Toronto - Lottery Discussion Forum

TAX... lower tier prizesReply
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
Dec 9, 2013, 10:28 am - p4wanbi - Lottery Discussion Forum

You really think Mega Millions will reach $1 billion jackpot on Dec 31st?Reply
You pay the year you actually receive the money. And you would also have to pay quarterly taxes (due in April) for any additional taxes that might be due that were not taken out in withholding. If you wait to the end of the year, you could get hit with a big penalty. You do not pay taxes every 2-3 years unless you want to end up in prison.
Dec 7, 2013, 5:05 pm - Artist77 - Lottery Discussion Forum

You really think Mega Millions will reach $1 billion jackpot on Dec 31st?Reply
well since the taxes are a year behind i say 2014 will be good, but you can also pay taxes every 2 or 3 years whatever you like to do.
Dec 7, 2013, 10:13 am - helpmewin - Lottery Discussion Forum