Search

California man asks clerk to choose a lottery game for him, ends up picking out a ticket worth $10MReply
Since the clerk choose the ticket for me at my request I would tip nicely, it was a life changing amount. Your are going to pay 37% in Taxes in total based only on the 5.8 Million which equates to 3,654,000.00 after all the Federal Tax is paid. I would Tip the clerk 654,000.00 they will be responsible for any Taxes from that, it removes me from Tax Fraud allegations. California is very expensive so I figure 654 Thousand is not a whole lot in that State but better than zero. The store that receiv
Oct 20, 2023, 7:38 pm - Onelast8 - Lottery News

$910 MILLION: Mega Millions lottery jackpot making another historic runReply
I think you could create a trust in the state with no income taxes before claiming the ticket. At that point no other state could try to collect taxes. Because the winning would be treated as an entity by the state it was created in and not you as an individual it doesn't matter where you live. This is assuming the state you purchase in has no taxes and allows it to be claimed by a trust.
Jul 28, 2023, 10:37 pm - SoCola - Lottery News

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

Maryland: 2/1 - 2/29/2024Reply
What is the obsession with the taxes? Like the lottery guy Jim wrote, your individual tax situation determines how much of your winnings are going to be taxed, period. Those 1099G's are income, if you have any $600.00+ 1099G winnings you need to itemize and take deductions, you can deduct gambling loses up to the amount you won, ALWAYS KEEP YOUR LOSING TICKETS as proof for your deductions. If you win win $800 you will receive $800 from the retailer, then when tax time comes around you add it to
Feb 15, 2024, 9:29 am - jarasan - Pick 4 Forum

$1.55 BILLION: Biggest Mega Millions jackpot ever to be drawn TuesdayReply
Its my understanding you can use 30% off the top to create a non profit. That would be 227,160,000. Then total federal taxes would be 196,114,800. Your personal amount would be 333,925,200. But you would also have the $227... avail for charitable causes for a total of 561,085,200. If thats correct you could save almost 100 million in taxes.
Aug 7, 2023, 10:28 pm - SoCola - Lottery News

$1.55 BILLION: Biggest Mega Millions jackpot ever to be drawn TuesdayReply
Let's be honest here. You have a better chance of winning the lottery than taxes going down. Another thing to consider, federal taxes are due to go up about 2.6% in 2026. And, unfortunately, I live in Taxachusetts where they just increased the income tax rate from 5% to 9% for those that earn $1 million+ per year.
Aug 7, 2023, 10:31 am - DDBagger519 - Lottery News

One Michigan lottery ticket wins $842.4 million Powerball jackpotReply
The lottery in America is considered one of the most unfair lotteries. Firstly, there are high taxes, a 40% deduction from the prize for the 'Lamp Sum,' state taxes, and on the other hand, in many cases, lottery winners lack any contribution to the country's growth and development. If you look at the list of lottery winners, none of them are recognized as scientists, researchers, inventors, or entrepreneurs. Unfortunately, the lottery often favors those who shouldn't, and this is fundamentally u
Jan 4, 2024, 6:51 pm - Albert4433 - Lottery News

California man asks clerk to choose a lottery game for him, ends up picking out a ticket worth $10MReply
I thought they had taken all the federal taxes on the 10M since Cal does not pay state taxes on lotto. But if I bagged 5.8M after all taxes and the cashier picked the ticket for me (especially a scratch game and not the QP tickets) , I wouldn't think twice about giving them 800K. It was purely the clerk's choice that won.
Oct 20, 2023, 12:32 pm - JustMaybe - Lottery News

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

Kentucky woman quits job after winning $90,000 in the lotteryReply
Not false advertising on any level. Everyone knows taxes are later withheld.
Apr 6, 2024, 1:59 pm - Artist77 - Lottery News