Search

$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

One ticket sold in Maine wins $1.35 billion Mega Millions jackpotReply
The state lottery has to set aside a fixed percentage of fed and state taxes after the win and before the winner comes forward. Most states require 6 months or more to establish residency. It would look like you were intentionally trying to avoid paying additional taxes to state A and it would likely be flagged for an audit with a huge jp win. There is an offsetting credit between states so you would not be double taxed if both states had state taxes.
Jan 15, 2023, 9:06 pm - Artist77 - Lottery News

Biggest reason for Lottery Winners going broke soon? :/Reply
I agree. LF does not seem to understand taxation. The lottery withholds less than the full amount of taxes due so you will owe the rest of the taxes. If you invest any if the winnings, whether it is cd interest, savings accounts, etc., you will owe taxes on the earnings. You are not being taxed twice. Many lottery winners go broke from stupidity, greed, and thinking they will be a superstar or they start a business where they have zero expertise.
Jan 11, 2023, 9:29 am - Artist77 - Lottery Discussion Forum

Florida: 8/1 - 8/31/2022Reply
Sorry DB, that's not correct. $600 to $5000 you have to pay taxes but they don't take any money out right now----over $5000 they take a percentage before they issue you the check. Either way they issue you a form W-2G that has to be filed with your taxes. In 2020 I had 15 straight Play 4 tickets that they issued me a check for 75K and I ended up paying 11K in taxes at the end of the year even after my ticket deductions. Good Luck, Chris
Aug 30, 2022, 4:50 pm - chris632 - Pick 3 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

800 million dollarsReply
Bonds and term deposits? Would i have to pay taxes for these? Then why did someone bring up fidelity investments or bank savings account where either dividends or interest alone would make me money? If so, how would all of this work then looking at the bigger picture then knowing how uncle sam works with taxation? How could certain types of investments churn out a lot of money with little taxes?
Apr 9, 2023, 2:17 pm - donbathe - Lottery Discussion Forum

Biggest reason for Lottery Winners going broke soon? :/Reply
Give me an example of a person who won a jackpot and went broke from taxes on the winnings. What it sounds like you are saying is the taxes on a jackpot are more than the amount won--and that is not true.
Jan 11, 2023, 6:57 am - zephbe - Lottery Discussion Forum