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taxessss and the lotteryReply
Babel,It's kinda like those women on the Oprah show that were given those free $28,000 cars. The government looks as those cars as additional income not as a gift from the family, so they will have their taxable income increased by $28,000 and if that put them in the 25% tax bracket, they will owe $7,000 in additional taxes. If they were earning $20K per year, they are going to now pay taxes as if they earned $48K per year, so some of them are selling their cars to pay the taxes. They didn't
Sep 29, 2004, 4:50 am - RJOh - Lottery Discussion Forum

The winner of 175.000Reply
All D.C. Lottery prizes claimed by District residents are subject to federal and District income taxes. D.C. Lottery prizes paid to residents of other jurisdictions are subject to federal income taxes and to state and local taxes depending on the requirements of that jurisdiction. D.C. Lottery reports winnings of $600 or more to the Internal Revenue Service.For winnings of more than $5,000, the D.C. Lottery withholds 25 percent for federal taxes in accordance with federal regulations. A deductio
Jul 20, 2004, 12:13 am - four4me - Jackpot Games Forum

And winner takes allReply
Quote: Originally posted by dphillips on July 03, 2004Talk about dumb luck: the Mega millionaire takes all. Well, because I've hope, I don't have to play Russian Roulette tonight. Okay, I was only joking!It's been reported on the radio that the winner will receive $88 million after taxes. Still, that's a nice payday. The announcer didn't say whether the ticket was a Quick-Pick or regular numbers. Now, no one on this board can convince me that dreams don't come true.Finally, if it's any con
Jul 4, 2004, 9:13 pm - HiFi - Lottery Discussion Forum

mega millions winner
Hi and Happy New Year to everyone.The news reports on the winning ticket from Tuesday night's Mega-Million game says that the person will take the cash option which according to CNN is about 91 million before taxes (surprised it was that much...I thought it was closer to half the annuity when you took the cash) and then about 67 million after taxes.Is that accurate? If the winner takes the cash, at 91 million and the has to pay taxes, wouldn't federal income, social security taxes (both sides...
Jan 1, 2004, 1:43 pm - joeybabe25 - Jackpot Games Forum

Question for Thomas Covenant on taxes after winning
Thomas says:Even though they take out 27% fed tax, tax at the end of the year could be as high as 39%. So when you are paying off your credit card bills, keep that in mind. You might need some to pay the rest of the taxes.Response:Really? I thought the 27% was enough. So does it mean by the end of the year you may have to pay the additional 12% of taxes or does it mean you have to pay an additional 39% meaning at the end one would end up paying 66% of taxes? I need some clarification. Or is it p
Jul 31, 2002, 1:51 pm - David1 - Lottery Discussion Forum

Annuity TaxesReply
State not only make you pay state taxes on your lottery winning, but if you retired from a company in the state and move to another state, you still pay states taxes on your pension which you earned while a resident in that state. As times get tougher more state are going after retiree who have moved from the state and stopped paying state taxes on their penions. I think most states have such a law, you can check with your state tax department to be sure. In my case, the state taxes and the fede
Apr 12, 2002, 3:45 pm - RJOh - Lottery Discussion Forum

Basics of a Successful SystemReply
As to the Original Question on Basics . Really?, Taxes. Taxes are a Result Not a Basic. Taxes can not help a system in any way. Taxes just reduce your net gain. In Real Life I don't think anyone has ever turned down a Great Job because they would pay higher Taxes. I for one would take a payout subject to taxes any day. Small payouts under the Radar are OK too. If the IRS want to track me down for hitting a $500 Straight in Pick 3, Let them come. Keep your old tickets or scrape up a few from any
Jun 14, 2016, 10:46 am - AllenB - Lottery Discussion Forum

POWERBALL CREATES WORLD'S FIRST BILLION-DOLLAR JACKPOTReply
No one said those were final deductions but it is close enough. Also you get more usually in the end than advertised and if you wanted you could earn way more with interest to cover the taxes. But would you really HAVE to? No. If you are focusing on taxes in this case you are simply a pessimistic thinker who shouldn't be playing. I am focusing on the ENORMOUS amount left after taxes which will still be WAY more than anyone else ever won and more than most have. Honestly with this amount of money
Jan 10, 2016, 4:05 pm - sirbrad - Lottery News

Illinois lottery players crossing border to play in other statesReply
Smart move. What's the point of buying a ticket if winnings won't be paid? As for taxes, you probably have to pay taxes to the state you live in regardless of where the income comes from. Depending on tax laws in IL and WI, you may end up owing in both states. In my state, Louisiana, if I have to pay income taxes to another state and I resided in Louisiana the entire year, I can take a non-refundable credit on my Louisiana state income taxes for what I paid to the other state. However, I'd
Oct 18, 2015, 7:15 pm - PrisonerSix - Lottery News

Cottage industry helps lottery winners dodge taxesReply
I don't think there's anything wrong with selling your winning lottery ticket to someone. But if you do, you are supposed to pay taxes on the money you made from the sale. Even if it is a private sale to someone. If you don't like that concept of paying taxes when you privately sell your lottery ticket, then perhaps you are in agreement that HIGH TAXES ARE NO GOOD FOR ANYONE. All that money the government gives away for free to people has to come from somewhere. It comes from TAXES. And if yo
Aug 7, 2014, 11:43 pm - Todd - Lottery News