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Maryland: 2/1 - 2/29/2024Reply
I sent them a second email. Jim, Well, if we have to pay the 32.95% taxes (24% Fed, 8.95% state) which comes out to $263.60 on the $800 win per my example, that would leave me with only $536.40 in total take home winnings. I know you don't have any control or say over the taxes, but I'm going to be candid here. If that additional $400 in winnings is only going to amount to an actual $136.60 extra in my pocket, then in that case I hope I DON'T get one of the Double Box Payout promo
Feb 14, 2024, 7:02 pm - grwurston - Pick 4 Forum

North Carolina 18-year-old wins $1 million in lottery after asking sister to buy ticket for himReply
What does that last paragraph mean? You don't pay taxes on lottery wins of $600. AFTER $600 you do pay taxes. OTOH, though not sure where this going (with the mess of our so called leaders in DC) the casino lobbyists want to increase the taxable amount from $1200 to $5000 to, as they say, adjust for inflation. I have yet to find any lottery lobbyists out there, if they exist that is.
May 27, 2024, 7:42 am - Bleudog101 - Lottery News

Illinois man celebrates Valentine's Day with $1 million lottery win three days after breakupReply
So HE wins a MILLION but only gets $600,000 before TAXES, I don't consider that A MILLION, I call that a JOKE. $300,000 after taxes is a tidy sum but it is NOT A MILLION but the State Lottery and the News will say he won a million but he didn't so everyone will believe he won a million. I think it sucks to win a big prize like that and then you have to choose either be tied to the tax man for 20 years or accept half as a consolation prize instead. The State of Illusions
Feb 14, 2024, 6:35 pm - Onelast8 - Lottery News

North Carolina 18-year-old wins $1 million in lottery after asking sister to buy ticket for himReply
Your tax guy does not sound like he is helping you. Put money into an IRA or roth IRA so you can keep more of your money. You can also pay estimated taxes online quarterly.
May 27, 2024, 11:53 am - Artist77 - Lottery News

North Carolina 18-year-old wins $1 million in lottery after asking sister to buy ticket for himReply
??? It is not double taxation. You report on your return the taxes that were withheld by the casino or lottery. The withholding was on your behalf.
May 27, 2024, 8:08 am - Artist77 - Lottery News

North Carolina 18-year-old wins $1 million in lottery after asking sister to buy ticket for himReply
All lottery winnings are taxable. If you win $300 a week every week, it is still taxable and reportable on your tax return. Lottery wins of $600 or more are reported to the IRS by the lottery. Just because an entity like a casino only withholds taxes over a certain amount of $, this has no bearing on the fact that all winnings are subject to taxation and reportable on your tax return.
May 27, 2024, 7:52 am - Artist77 - Lottery News

Virginia Lottery retailers escalate boycott, halt ALL lottery ticket sales until further noticeReply
I'm pretty sure that's how it's supposed to work, but some people have an advantage in life. Not everyone starts from ground zero. Ever heard of generational wealth being passed down or emigrating from a country and being handed funds to start businesses. No taxes Guess that never crossed your mind huh ?
May 11, 2024, 11:22 am - hlamb - Lottery News

if you won the lottery would you start your own cult?Reply
If you have a lot of money and want to avoid taxes there's a lot of merit to starting a cult. Of course you'll have to call it a religion when you talk to the IRS, but it's not anything they haven't seen before.
May 10, 2024, 4:18 pm - KY Floyd - Lottery Discussion Forum

One New Jersey ticket is sole winner of $1.13 billion Mega Millions jackpotReply
Congrats to the winner. Even though New Jersey has some of the highest state taxes, at least they've passed a law guaranteeing anonymity. I think at the end of the day, I'd be ok handing over an extra 1%-2% playing in a state that doesn't force me to jump through hoops to conceal my identity. And who knows, maybe the winners tax payment will go into filling a couple potholes in New Jersey.
Mar 27, 2024, 12:29 pm - DDBagger519 - Lottery News

Accusations of "disturbing" new claims procedures after Allwyn sends investigator to winner's homeReply
$4000/yr on State lotteries! Take that and instead invest in bitcoin in a Roth IRA account for the last 10 years. The amount in the retirement account would be greater than almost all jackpots. And taxes on gains would already be accounted for, so no tax bite of 40% to 50% like with a State lotto jackpot win.
Mar 11, 2024, 11:23 pm - Wavepack - Lottery News