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You win the powerball or mega millions, Taxes owned??
Say you win 93 million, federal and your state taxes are taken out. Now for the next year, do you just own income taxes on what you received from your winnings? ( you did not work, you are retired ) Example: cash take home after lottery corporation takes federal and your state taxes out is 52 million. Now for the next year, you will have to pay 5.75% income taxes on the 52 million that you won in the previous year. Does that sound close to being correct?
Jan 16, 2014, 3:26 pm - bigbear29 - Lottery Discussion Forum

Do you still play?Reply
The reason why I ask is if you think about how much taxes Uncle Sam takes out if you get 20 million that's not enough now is it? I have heard people who take the lump sum and they have to pay the taxes and every year pay the taxes on that win. Now if you do the math that's not enough to live off of now is it? I remember that young kid hit the powerball last year the one that was over 200 I think and they took out a whopping 34 million in taxes. Can you say ouch!!! Just do the math. I know
Feb 8, 2010, 4:14 pm - earthdragon72 - Jackpot Games Forum

Time to found Taxes~~
I need numbers for Taxes? Ok, here are some numbers I have that is associated with Filing Taxes. Money, 567, 467 Check 765 Play the combinations or if you want to play the p4 use a zero with them. I will be back. Filing and Taxes I will look up. If someone else has some numbers please post them. Have a Lucky Day and a Good Day! Ok, I am back, for Taxes 162 601 couldn't find file?
Jan 6, 2010, 6:40 am - marcie - Mystical Forum

Lottery TaxesReply
Had the taxes remained the same and had they continued to balance the spending budget, there would be no reason to consider raising them now. When they continued to spend more than they made after lowering the taxes, eventually the taxes will have to raised just to pay the interest. Hopefully it will be the other party raising the taxes while in control so they can use lowering the taxes to get back in control. Haven't the two parties been repeating that process for a number of years now? For
Aug 1, 2008, 11:20 am - Stack47 - Lottery Discussion Forum

cash vs. annuityReply
If I won the Lotto South annuity of $ 5 million and purchased a regular house ($ 600 K) in my area, I would keep far more of my money than if I took the winnings in a lump-sum. It would cost me about $50 K in the first year to finance the purchase and pay the real estate taxes, all of which are deductible. Add on the deductions for health insurance, medical savings accounts, property taxes, etc., and I would have about a third of lottery income sheltered from the federal and state income taxes w
Jun 3, 2005, 11:43 am - lchoro - Lottery Discussion Forum

Mass. Lottery to replace Mass Millions with new gameReply
> It's about local aid. Now, I play the lottery and it's fun although I have never won a large prize, but this canard must be addressed. The MA lottery's money is local aid but it is not local aid the way it was originally intended - extra money in addition to normal tax revenue. If that was the case, you would think cities and towns would be rolling in the money - in Lynn, where I live, several fire stations have been shut down due to lack of money. How did lottery local aid help with th
May 27, 2004, 10:02 am - tg636 - Lottery News

Man in Iraq wins $6.4 million Oregon Lottery jackpotReply
Maybe you'd be less unhappy if you had a better understanding of how it works. I trust you at least realize that it's not a treaty that just says the US won't tax (some) income of UK residents. Tax treaties work in both directions and both governments expect to get something in return for what they give up. The treaty is about limiting double taxation (i.e., paying taxes to both countries), so since the UK doesn't tax gambling winnings, the US also exempts taxes on gambling winnings for UK resid
Jan 2, 2016, 4:41 am - KY Floyd - Lottery News

State cuts lottery winner's benefitsReply
Did you actually read anything I wrote or did you just want to spout your diatribe and write in the biggest letters possible regardless? Once again that money she is collecting is hers. SHE PAID MASSIVE TAXES. If you are this upset about a woman that paid $600,000 in taxes getting back about $200 a month, then you should be absolutely livid about people like Mitt Romney who paid little to no taxes on hundreds of millions of dollars. I believe that he was able to transfer something like $10
Mar 8, 2012, 10:33 am - VenomV12 - Lottery News

Lawsuit challenges N.C. LotteryReply
The voluntary nature of a lottery ticket purchase may not determine it's status, but saying something is effectively a tax doesn't make it a tax either. There are many ways to raise reveune and fill state coffers which are not taxes. The state of North Carolina can tax a lottery ticket. They can meet in Raleigh and vote to tax lottery tickets like they tax other products. They haven't done so. Governments these days are much more into fees. They don't like to be in the press for supporti
May 2, 2007, 9:53 am - nc6string - Lottery News

Six indicted in alleged $48 million lottery operationReply
These guys didn't pay any taxes on that money. When the government get done charging penalties and fines, they will owe twice as much as they earned. Years ago I participated in a company saving program that allowed employees to save up to 10% of their pay and the company would contribute an additional 30% to the account which had to set idle collecting interests for four years. At the end the four years, the account was freed up and taxes had to be paid on the company contributions and t
Aug 26, 2006, 2:58 pm - RJOh - Lottery News