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Taxes
Two tax related notes:First, if you've won a prize between $600 and $5000 in the last few months, then you got a W-2G but didn't have any of your winnings withheld for federal taxes. For a while I thought, this is great, I've got this money til next April 15! but as it turns out, if you're going to claim a net profit on gambling at the end of the year, you probably need to file estimated taxes, which means sending the IRS a check for THIS YEAR's winnings by THIS April 15. I hear they're genera
Apr 5, 2005, 11:07 pm - Bingo Long - Lottery Discussion Forum

$290 MILLION:" Mega Millions lottery jackpot increasedReply
I forgot to mention in my post above that the taxes you would pay on an annuity vs. a lump sum are based on two different amounts. $290 million for the annuity and $165 million for the lump sum so naturally you will pay more taxes on the annuity. I thought I would mention this to fair in my analysis. I was just looking at it in terms of just paying taxes on winnings regardless of what the winnings may be. Even though $290 million is much more than $165 million, I would feel a heck of a lot bette
Jul 3, 2004, 12:02 am - whodeani - Lottery News

Expected ReturnReply
Well that may be the key to the discrepancy, Jake, and my calculation that the MegaMillions right now has a slightly favorable expectation value. I don't factor in taxes. People of course pay taxes on all kinds of income and usually report their earnings before taxes when asked How much do you make? They do this on stock valuations as well. So it seems to me that the calculation of a return on the ticket should be a before tax, rather than after tax calculation. It is worth noting tha
Feb 19, 2004, 7:38 am - prob987 - Jackpot Games Forum

Lottery player/winner advice ?Reply
What about the fact that in a lump sum you receive after tax money where as annuity, govt invests pre tax money in annuity and taxes you on the return? Lets say you win 100 mil jacpot. If you take lumpsum, you will only get 58 million out of which they withhold 27.5% federal and applicable state taxes. In reality, a jackpot mean, you have to paay 39.6% federal taxes. So proprbably 45% taxes (assuming 5% state tax) will be paid by you. That means out of 58 mil, you will have 26 mil will be paid
Sep 7, 2002, 3:11 am - gary - Lottery Discussion Forum

PB 320Million$... how does one(JP winner) get the money anyway??Reply
The feds take 25% up front before you ever get any money from a jackpot. You might need to pay more when you file your taxes depending on what kind of measures you take to avoid paying taxes ( avoiding taxes is legal, evading taxes is illegal). Another good reason to have a good accountant working with you. Accountants and lawyers are licensed by the state and you can check them out with the state licensing board. They also are required to state their fees up front - and give you a written contr
Aug 15, 2012, 4:33 am - djklaugh - Jackpot Games Forum

If you won the big jackpot...Reply
Well, the supercomputer I put into Rio de Janeiro was about 2 million for phase 1, 1 million for phase 2 and about 2.7 million for phase 3. About half of the costs are in the airconditioning and power needed. I would start small if I were you, maybe a $300,000 cluster till you get your algorithms worked out and a business model developed. The longer you wait with computers, the more powerful they get. As to waiting for the economic crisis to end. If you have cash, now's the time to invest, pl
Jan 4, 2010, 5:47 pm - jwhou - Lottery Discussion Forum

Missouri - $3,000,000 TAXES PAID - GM #842
Missouri has a new $20 scratcher. I'm jus curious about the taxes paid if someone from outisde of Missouri hits one of the top prizes, what happens? $3,000,000 TAXES PAID - GM #842 6 Prizes of $500,000 to $3 Million - Taxes Paid! $3,000,000 Taxes Paid offers a top prize of $3 million and a second prize of $500,000 - taxes paid! The latest $20 Scratchers game from the Missouri Lottery features a chance to win up to 20 times per ticket and offers more than $80 million in prizes overal
Sep 20, 2011, 2:52 am - Coin Toss - Instant ("Scratch-Off") Games Forum

84 Year Old Wins $40M FL LotteryReply
Mmmm, I remember my grandmother had stopped paying income taxes after she turned 72. It's not like she didn't file or anything like that (which she did) it's just she didn't owe any taxes on what she had earned from the royalty checks she received from the gas oil wells on her land. That's also not including her retirement checks from her job and her social security checks! Heck man she was earning over 50K a year from all sources put together. To bad she was only able not to pay taxes for 3 y
Aug 10, 2006, 11:03 pm - BaristaExpress - Jackpot Games Forum

Powerball lottery states report brisk sales for huge jackpotReply
Not necessarily. I went to the link on usamega.com that was referenced in the article and saw the state by state breakdown of what the winner would get after taxes. One thing I noticed was several of the states were marked No State Tax on Lottery Prizes which to me implies the state either has no state income tax at all or does not charge state income tax on lottery winnings. In the case of tickets purchased in these states, the state gets nothing in taxes if a lottery winner from any state
Oct 15, 2005, 7:07 pm - PrisonerSix - Lottery News

SC pick-4 tax questionReply
Kapersky,I would guess that this would be the same as working in a state in which you do not reside and having to pay taxes in both states. Well, this is how I think this would work in your case, although you should confer with a CPA or a certified tax preparer. Let's say you won 5K in SC, you would get a 1099 from SC indicating your winnings. You would file your NC taxes, with a SC tax form in which you would indicate your miscellaneous income as lottery winnings, pay your taxes on it, and l
Dec 28, 2004, 6:25 pm - straightchaser - Lottery Discussion Forum