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$910 MILLION: Mega Millions lottery jackpot making another historic runReply
This is indeed interesting. My understanding has been that tax is based on residence especially for the annuity after the first payment. I have read widely on Taxes and have wanted to know what are the best tax strategies. Unless the CPAs and CFAs are totally wrong, I don't know who to believe. Below is an extract and a link to some articles from Tax Advisors. @KY Floyd: let me know what your thoughts are after reading the below and the article. From a state tax perspective, an
Jul 28, 2023, 8:45 am - JustMaybe - Lottery News

Illinois man celebrates Valentine's Day with $1 million lottery win three days after breakupReply
So HE wins a MILLION but only gets $600,000 before TAXES, I don't consider that A MILLION, I call that a JOKE. $300,000 after taxes is a tidy sum but it is NOT A MILLION but the State Lottery and the News will say he won a million but he didn't so everyone will believe he won a million. I think it sucks to win a big prize like that and then you have to choose either be tied to the tax man for 20 years or accept half as a consolation prize instead. The State of Illusions
Feb 14, 2024, 6:35 pm - Onelast8 - Lottery News

Editorial: Study of lottery winners still receiving food stamps is flawed but raises good pointsReply
Don't forget when they win any lottery prizes the state takes most their winnings , which might explain why they are still getting it. They not talking about that part, leaving winners still in need. I can recall in 2015 I won 11G at the casino. I was on public assistance when my daughter was 11 years old(28 now show how long). And best believe after the federal taxes plus other state taxes plus the welfare cut, I had only $1,100 left and I weren't even working at the time and
Nov 1, 2023, 2:35 pm - Dollybody42 - Lottery News

$910 MILLION: Mega Millions lottery jackpot making another historic runReply
It's been awhile but, the subject matter lured me back into this conversation. Okay I currently reside in state A ..... that has income tax plus. If I were to buy pb or mm in neighboring state B .... with no income taxes.... And before I claim my winning ticket in state B ... establish a new residence in state B .... how would I be liable to pay income taxes to my old state, A? Thanks for your reply in advance!
Jul 28, 2023, 7:46 pm - ShagE3 - Lottery News

One New Jersey ticket is sole winner of $1.13 billion Mega Millions jackpotReply
Congrats to the winner. Even though New Jersey has some of the highest state taxes, at least they've passed a law guaranteeing anonymity. I think at the end of the day, I'd be ok handing over an extra 1%-2% playing in a state that doesn't force me to jump through hoops to conceal my identity. And who knows, maybe the winners tax payment will go into filling a couple potholes in New Jersey.
Mar 27, 2024, 12:29 pm - DDBagger519 - Lottery News

Accusations of "disturbing" new claims procedures after Allwyn sends investigator to winner's homeReply
$4000/yr on State lotteries! Take that and instead invest in bitcoin in a Roth IRA account for the last 10 years. The amount in the retirement account would be greater than almost all jackpots. And taxes on gains would already be accounted for, so no tax bite of 40% to 50% like with a State lotto jackpot win.
Mar 11, 2024, 11:23 pm - Wavepack - Lottery News

Kentucky man out of debt for the first time in his life, thanks to $150,000 lottery winReply
QUESTION : Is the $42,000 that he paid off the top, the Federal and State INCOME TAX on $150,000 , or is it possibly his overdue property taxes , or is it the amount of mortgage he paid off ? I am asking b/c a $42,000 chunk out of $150,000 is a lot of money loss.
Mar 6, 2024, 7:35 pm - destinycreation - Lottery News

Tennessee: 2/1 - 2/29/2024Reply
It don't mean anything here in tn. I guess , but I got 444 as a quick pick today . lol Nothing sure but death and taxes .. I still think 333 and 555 are coming sometime.
Feb 25, 2024, 11:57 am - larry888 - Pick 3 Forum

Maryland: 2/1 - 2/29/2024Reply
Thanks for all the push back you are giving them! I am not seeing alot of tickets with the promo, 1 maybe 2 everytime I play, at the most. When you think about it, I am sure someone at MDlottery got a bonus for coming up with this idea. Anything MDlottery can do to increase tax income for the state. I am really surprised we have not seen a flood of double/double triples in the pick 4 which both would trigger taxes if the promo was applied.
Feb 15, 2024, 5:14 am - DELotteryPlyr - Pick 4 Forum

Illinois man celebrates Valentine's Day with $1 million lottery win three days after breakupReply
Yes, that 40% bite before taxes kick in would have me not purchasing this ticket anytime soon or ever actually. He should end up with closer to 400k though. He should have take the 20 yearly checks and netted 34,500.00 a year.
Feb 14, 2024, 6:44 pm - billybucks - Lottery News