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Paying taxes on your lottery winningsReply
Why does anyone even worry about taxes when it comes to the lottery? Chances are if you win $1500 it is not going to push you into another tax bracket. And even if it did and you had to pay more taxes you still have more money than you originally did.And if you manage to win PB or MM, you'll have so much that taxes will seem like a moot point (especially if you take the lump sum and only have to pay taxes on it once).
Apr 6, 2003, 6:56 am - smd173 - Lottery Discussion Forum

Waiting for WealthReply
Sounds like we might be close to agreeing on something. (GACK!) The only thing I'm saying different perhaps is that we reverse the process: Let them spend according to their income like we do instead of spending like wild men gone insane and then saying they need more taxes again and again and again because they can't pay the bills. And then there's this: ...but I never suggested raising taxes on folks like us... Yes, no one ever does. It's always a pass the buck solution when it comes tim
May 13, 2012, 5:16 am - rdgrnr - Lottery Discussion Forum

Legal question?Reply
A decent, moral person would report it to the IRS, that's who. Also, there are circumstances where the donee can agree to pay the gift tax, so it is not correct the donor is solely responsible for this tax. Only a person who's not so bright would pay taxes on something when they don't have too by law/ tax code. I never could understand anyone with that type of mentality! Who says anyone who pays just what they have to pay without over paying taxes is any less DECENT or MORAL than you Jorl
Jul 21, 2006, 10:10 pm - BaristaExpress - Lottery Discussion Forum

Lottery veterans question Tennessee family's behavior before claiming Powerball winningsReply
$528.8 million before taxes for the annuity I did not say anything about the cash value I said that was the share. Not sure of the exact cash value but either way who cares as it will be a lot more than they will know what to do with. But that is what was on the big check. As I said before I find it amusing that so many on here focus on is the taxes instead of focusing on the much larger portion that was won. If I won that much money I would not care about the taxes, it is way more money after t
Jan 17, 2016, 2:14 pm - sirbrad - Lottery News

Would you move to a non income tax state if you won?Reply
With a few exceptions that's how it works. One of those exceptions would be taking the annuity, in which case you'd continue to pay taxes on the annuity income every year. For my part I might move to Pennsylvania, but lower taxes wouln't really be the prime motivation. Ironically, if you win a modest amount you won't save all that much by avoiding state taxes, but if you win enough for the future taxes to be substantial you can afford to live where you want regardless of the taxes.
Dec 5, 2013, 2:10 am - KY Floyd - Lottery Discussion Forum

Honestly would you really care how much taxes you had to pay??
Seriously if you were the one who just won that 587 million dollar jackpot....Would you really care how much taxes you had to pay??? Be realistic now....I don't want to see ansewrs like if the taxes were a 100% or 75% yeah I'd care....Well stop cause they're not... I live in NC it's 32% here that's reality.... 32% isn't going to kill anybody financially....I mean this is more money that ANY OF US HERE WILL EVER EARN IN 30 LIFETIMES.....I could care less how much I paid in taxes...I would just be
Dec 4, 2012, 10:52 am - billionaire2bee - Lottery Discussion Forum

Woman forgot $23M lottery ticket in car and claimed it just before deadlineReply
This time is needed to check government databases to determine if the winner owes back taxes, child support, liens, alimony, etc. It is better to get that sorted out, and it can only commence once the winner comes forward and provides personal identification information. It amuses me when I read about winners getting charged for tax evasion by having others claim tickets. So instead of paying 25 to 40 percent of winnings in taxes, they end up paying 60 to 70 percent in taxes, penalties and fines
Nov 6, 2012, 5:06 am - OldSchoolPa - Lottery News

New Hampshire repeals taxes on lottery prizesReply
It is a WONDERFUL thing that New Hampshire also decided to charge ZERO state taxes for lottery winnings! I wish that my residence state, Illinois, would follow suit and thus charge ZERO state taxes for lottery winnings (sadly, all of our neighboring states also charge state taxes). After all, each state's FIRST round of taxes were collected when I bought each lottery ticket from a lottery retailer. Rather, my residence state, Illinois, did the opposite by INCREASING the state taxes, by a
May 24, 2011, 4:05 pm - HaveABall - Lottery News

Living off of winnings VS living off of interest.Reply
Markp1950 you are correct about Mr. Warren Buffet and the rest of the wealthy and what they pay in taxes. But even Mr. Buffet has said he wouldn't mind paying more in taxes than he does now. But has anyone seen where he is paying more? Nope! And the reason is he's only paying taxes on the capitol gains of his vested interest in his companies that he owns! And that rate is 15% (on capitol gains) and not the top tax rate of 38% on regular income like a pay check and of course that will depend on w
Aug 24, 2010, 9:26 am - BaristaExpress - Lottery Discussion Forum

Should illegal immigrants be able to claim lottery prizes?Reply
I feel ANYONE of age should be able to play, win, and collect. The difference is, all non-U.S. citizens winners, excluding permanent residents, should have to pay significantly more in taxes. 30% is not enough. I say make it 45% to 50% for federal taxes. There should also be a 5% penalty if you can t prove you are here legally at the time winnings are collected. If I win a big jackpot, I would be in the 35% tax bracket and I m paying capital gains taxes on my investments. They will pay less in t
Jul 31, 2010, 12:08 pm - Mr E - Lottery Discussion Forum