Search

If you found a winning lottery ticket what would you do?Reply
Charity starts at home and I believe in the old adage 'finders keepers - losers weepers...'
Jan 9, 2004, 11:51 am - Grendel - Lottery Discussion Forum

Unclaimed lottery prizes ( ticket identification )Reply
The winner could have donated the ticket for the charity to claim.John
Apr 27, 2002, 9:28 am - JAP69 - Lottery Discussion Forum

If you won powerball or megamillionReply
I've already signed and had an affidavit notarized gifting a share of 30% of any MM ticket I purchase in the next year to my large extended family, with most individuals owning a set share of one or two percent. So should I win the jackpot, my relatives would also be considered winners, and they would pay income taxes out of their amount and I wouldn't have to pay gift taxes, since it would be the partnership that won. Even one percent of the present jackpot would be more than half a million dol
Jul 14, 2008, 4:29 pm - Uff Da! - Lottery Discussion Forum

If you won either of the Big Ones: How much would you set aside for Charity?
20%- 30% or more? Or would you take the wait and see approach ? Charity could denote your Church, Red Cross or Other.
Jul 22, 2013, 11:01 pm - noise-gate - Lottery Discussion Forum

Lottery Winners should build/sustain common charity fund
The NJ PB Winner said he will help his family. I applaud him for that. I also wish he will be the first one to start a single charity fund that other lottery winners, past and future, can contribute to. I think this fund can grow very easily and make a huge impact on the lives of many.
Mar 28, 2013, 7:45 am - d1nnl2 - Lottery Discussion Forum

Can a non-profit Org. cash a JP ticket and NOT pay taxes?Reply
It would be perfectly legal to start a charity, donate a winning ticket, and act as a paid employee of the charity, as long as it's a legitimate charity. You probably wouldn't even face serious scrutiny from the IRS, as long as you give away most of the money and your salary is only a tiny percentage of the charity's annual income. As a very rough guess you could eventually pocket 5 to 10% of what the ticket was worth. Before taxes, of course.
May 25, 2012, 9:30 pm - KY Floyd - Lottery Discussion Forum

What Will You Give Back?Reply
I voted for charity, but it depends on how much I win. If it's a very large win I will start with giving to charity and then to the rest of the family. If it's a small first prize I would think of my family first, then give some to charity.
Jun 16, 2007, 4:03 am - MillionsWanted - Lottery Discussion Forum

$172M & Katrina ReliefReply
Salvation Army seems a good choice to me, but since nobody won the jackpot I suppose it's moot.I'm a PB player anyway.If I won tonight I'd make my choices of what to do with it, charity-wise, without regard to the hurricane and the aftermath. I don't believe there's anything particularly special about the hurricane victims, over various other situations of human distress. For the moment the hurricane victims appear to be receiving plenty of attention. Long after they've gone where ever they'r
Sep 10, 2005, 9:10 am - Rip Snorter - Lottery Discussion Forum

Lower Tax Burden for Winners?Reply
Another good reason to consult a professional is that the advice you get on internet forums may be simplified, or even wildly inaccurate. For example, the 3.8% tax is actually called the Net Investment Income Tax because it applies to investment income. If you win the lottery the prize money is regular income, not investment income, and isn't subject to the extra 3.8% tax. Even if it was potentially subject to the tax, the tax is based on the lesser of your adjusted gross income above the thr
Jan 11, 2016, 3:00 am - KY Floyd - Lottery Discussion Forum

Charity workers share lottery prize
A syndicate of 24 volunteer charity workers from Laurieton has shared the $100,000 first prize in $2 Jackpot Lottery draw 8703 this morning. The syndicate leader, a 70-year-old local woman, was ecstatic on hearing the news from a NSW Lotteries official this morning. I m feeling ecstatic, naturally. I buy the tickets on behalf of a group of 24 volunteer charity workers and I m very happy because everyone can use the money. We ve been buying tickets for the last 12 months. We ve ha
Sep 10, 2006, 5:22 am - goldrush - Lottery Discussion Forum