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Back Taxes
If I owe both NY and Fed back taxes does lottery take both when claiming a prize at lottery claims center?
Jun 4, 2023, 12:12 pm - sam9009 - Lottery Discussion Forum

CA $184,416 Fantasy 5 jackpot split 32 waysReply
Yeah, they won $5763 BEFORE TAXES!! G5
Jun 26, 2023, 8:16 am - GiveFive - Lottery Discussion Forum

Racetrack taxesReply
Do you want things to be easy, to be fair to everybody, or to follow IRS regulations? The easy way is to let the track withhold the money, split the rest, and have one person claim the winnings and pay the taxes. To be fair to everybody you'd figure out the actual tax implications for the person who reports the winnings and split the actual amount after the taxes that result from the additional income. It's unlikely that what the track withholds will be exactly what is owed in taxes, so
May 4, 2023, 1:50 am - KY Floyd - Lottery Discussion Forum

Racetrack taxesReply
Basically you're asking if everyone in the group pays taxes after taxes were already deducted? In your example because $2000 was deducted off the top, the others already paid their share of taxes. The person cashing the ticket got a W-2G and will report the $10,000 as income on next year's 1040.
May 3, 2023, 11:31 pm - Stack47 - Lottery Discussion Forum

Poll: Classic Mega MillionsReply
We're getting fewer winners with smaller prizes... In August of 2017 a $350M jackpot would have have given the winner $216M before taxes $162M after taxes in California. That's $0.46 on the dollar take-home. On 11/27/2023 the PB jackpot is $352M.... with a cash option of $163M before taxes about $103M after taxes in California.. That's $0.29 on the dollar take-home. That's a difference of $53M on the pre-tax $59M on the post-tax payout... So where the hell is that e
Nov 26, 2023, 12:13 am - Rexer90 - Lottery Discussion Forum

Decrease of cash valueReply
It's just gonna keep going down, down, down until someday a $1.5 billion Powerball jackpot winner will only take home a lump sum of $25,000,000 after taxes.
Oct 22, 2023, 9:04 pm - jjtheprince14 - Lottery Discussion Forum

Racetrack taxes
Sorry, I wasn't sure where to post this I have a question regarding winnings at the racetrack I have cashed tickets for multiple thousands of dollars at the track in the past and always had the option for them to take 20% (or maybe it was 25%?) right off the top and I claim it at tax time But it has always been just me and the winnings What if I'm in a pool with several people and we have them take the tax right off the top How are the other players responsible for their fair
May 3, 2023, 12:23 pm - ScoobyDue - Lottery Discussion Forum

2024 tax rates now published at USA Mega
Both the federal tax rate brackets and the state income tax rates used for the Powerball Jackpot Analysis and Mega Millions Jackpot Analysis pages at USA Mega have been updated to the latest 2024 rates. Federal tax bracket changes happen every year, with the IRS adjusting each bracket upwards slightly to account for inflation. For a lottery jackpot winner claiming millions in income this results in a minuscule change in taxes paid, but the adjustment at USA Mega does make it exact. For s
Jan 1, 2024, 10:56 am - Todd - Lottery Discussion Forum

Don't let the brain play tricks on you.Reply
Should you win, you get to keep all the money. Thats the fun bit, unlike over here where up to 47% could be taken in taxes
Aug 25, 2023, 8:28 am - JustMaybe - Lottery Discussion Forum

When is the right time to hang your lottery boots?Reply
Here is an alternative to quit playing the lottery. Spend a lot less money by joining a pool. For the current series of Mega Millions draws, I have been spending only 35 cents per draw. The pool is buying 20 tickets per draw. Not a lot of tickets but still enough to win. My share of the jackpot for the Friday draw is $3 million. This is the cash value and before taxes.
Mar 6, 2024, 1:36 pm - winoneday - Lottery Discussion Forum