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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

Sports betting legalized in KentuckyReply
As you probably know that gray machines are supposed to be outlawed very soon. You cannot play Keno on-line from approximately 0200-0500/seven days a week. I'm sure you know the slot machines which I agree with you on are still called Historical Racing Machines (HRM). Am hoping that this goes away and have genuine slot machines. Paying taxes on small wins due to small wagering is for the birds. Folks have explained it to me the higher the wager sometimes no taxes unlike across the river
Apr 7, 2023, 8:48 am - Bleudog101 - Lottery News

165 Belgians in one town share €143 million EuroMillions jackpotReply
First of all why is the government getting a cut period!? Second of all they won two billion. If the take lump sum (cut in half) then they pay your quoted taxes. But that is taxes on one billion, not two like they advertised they won. Take 37% of TWO billion and see what they would have to pay. And again, why is the government getting a cut at all? And why 37%, the highest bracket they can charge?More countries don't tax their lottery winners than the ones that do... But I digress. That is n
Dec 25, 2022, 2:25 am - Dead_Aim - Lottery News

North Carolina 18-year-old wins $1 million in lottery after asking sister to buy ticket for himReply
Your tax guy does not sound like he is helping you. Put money into an IRA or roth IRA so you can keep more of your money. You can also pay estimated taxes online quarterly.
May 27, 2024, 11:53 am - Artist77 - Lottery News

North Carolina 18-year-old wins $1 million in lottery after asking sister to buy ticket for himReply
??? It is not double taxation. You report on your return the taxes that were withheld by the casino or lottery. The withholding was on your behalf.
May 27, 2024, 8:08 am - Artist77 - Lottery News

North Carolina 18-year-old wins $1 million in lottery after asking sister to buy ticket for himReply
All lottery winnings are taxable. If you win $300 a week every week, it is still taxable and reportable on your tax return. Lottery wins of $600 or more are reported to the IRS by the lottery. Just because an entity like a casino only withholds taxes over a certain amount of $, this has no bearing on the fact that all winnings are subject to taxation and reportable on your tax return.
May 27, 2024, 7:52 am - Artist77 - Lottery News

Virginia Lottery retailers escalate boycott, halt ALL lottery ticket sales until further noticeReply
I'm pretty sure that's how it's supposed to work, but some people have an advantage in life. Not everyone starts from ground zero. Ever heard of generational wealth being passed down or emigrating from a country and being handed funds to start businesses. No taxes Guess that never crossed your mind huh ?
May 11, 2024, 11:22 am - hlamb - 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