Search

Winning the Jackpot and taxes.Reply
New to this site,so to begin saying Hi to All.There is a website that has mm/pb drawings amounts and payouts with both federal and state taxes for each state in USA for annuity/cash buyout,which states take state taxes and which do not.MY opinion if won,would be cash buy out,example 76million this weeks powerball,in MA would get check for 25.69 after federal/state taxes.But before claiming this would get IRS for 5754 which is for players winning in a pool( you can find this on-line) each person
Feb 23, 2010, 9:36 am - lucky6025 - Lottery Discussion Forum

Question about back taxes
I'm just curious about a predicament that some lottery winners could be in. Suppose that you won a big lottery like the MegaMillions or the PowerBall and you owed back taxes. It's my understanding that when you present the winning ticket, the Lottery Commision waits about two weeks while a background check is done on the winner, to see if the winner owes any back taxes or outstanding student loans or child support arrearages. If the Lottery Commission does find that the winner owes any money con
Sep 19, 2009, 5:22 pm - ArtVandalay - Lottery Discussion Forum

Lottery Taxes
Not that it would matter much because any jackpot amount would be signifigantly more than any amount of money I have now but.... I live in Ohio and we have MM. If I played PB in another state, like Indiana or West Virgina or something, would I have to pay their state taxes on the jackpot and Ohio taxes or just the taxes for the state where I bought the ticket?
Jan 4, 2009, 10:55 am - DelmarvaChick - Lottery Discussion Forum

Legal question?Reply
I agree with Jori. I decent, moral person will report it to the IRS because that is what the law requires. Why would any millionnaire try to evade taxes when you can hire a good accountant for help in avoiding taxes. There isn't anything wrong or illegal in avoiding taxes, as long as you follow the letter of the law. Can you imagine having several million dollars in the bank, but having to go the prison for tax evasion for not paying several thousand dollars in taxes. Just pay what the law r
Jul 26, 2006, 12:55 am - Tx_Mega_Player - Lottery Discussion Forum

Playing Overseas / No taxes?Reply
You can pay taxes on your winnings if you want to, but they (The IRS) doesn't have to know from where exactly you got the money, just tell them that it was money won from playing your state's pick 3 game it would be a half truth, but so what? So long as you pay the taxes, What Do they care from where you got the money? Income is income and taxes are taxes regardless, if you don't for some reason want to pay the taxes then think about donating some money to the poor or to some worth-while charity
May 14, 2006, 1:18 am - LANTERN - Lottery Discussion Forum

How Much Taxes Do I have to Pay?
I already searched the threads and I know the answer is somewhere, but I havent found it, maybe I'm blind. I want to know if an Ohio resident wins say $10,000 in the Pick 4 lottery, what percentage will they have to pay to taxes? I saw a thread that said something like 35% or 27% or something? If thats true then thats a crime and the IRS should be brought up on criminal charges! Especially when Canada doesn't have to pay any taxes. That isn't fair. I could see maybe 5% or even 10%..
Dec 1, 2005, 5:26 am - Brett - Lottery Discussion Forum

Federal Taxes??
Please don't think I'm stupid or naive but I have a question about lottery winnings and federal taxes. I know if you win the lottery and you take the annuity, you pay taxes on that every year that you recieve it. And I know you pay a tax payment before recieving your money with the lump sum. But my question is, if you win the jackpot and take the lump sum and quit your job are you still required to pay federal taxes every year? I feel kinda dumb asking this question. Please don't be to hard on m
Nov 11, 2005, 6:35 am - glddgr - Lottery Discussion Forum

Powerball lottery states report brisk sales for huge jackpotReply
Chewie wrote: >> You stated you have never found a site that mentions actual taxes >> withheld. I gotta ask: Did you do any research at all? I said I've never seen one that mentions the taxes that are due. I very clearly said I've seen ones that refer to the taxes that are withheld. You undertand there's a difference, right? I hear ads for the lottery on the radio a dozen times a day, and I occasionally come across a press release/ad. Why would I bother to make a point of looking for
Oct 19, 2005, 1:06 am - KY Floyd - Lottery News

Maryland Lottery to replace classic Lotto gameReply
The only game besides mega that is good not great is Bonus Match 5 with it's cash option and no taxes. However i think that's a ruse because your still going to have to pay taxes on the income you have to report at the end of they year. They just woln't get it from you twice.I don't care what lottery it is there shouldn't be taxes taken out. Are they paying taxes on the money they take in. NO. Then why should we pay taxes on the money that was contributed by the players. the lotterys make money
Aug 8, 2005, 6:42 pm - four4me - Lottery News

Mega Millions - State MattersReply
Quote: Originally posted by PrisonerSix on April 10, 2005Quote: Originally posted by DoctorEw220 on April 9, 2005 remember that if you are from out of state, and you win the jackpot in a state that doesn't tax its residents if they win, you will still have to pay state taxes. it's a weird rule.From what I understand about state income taxes, you have to pay based on the state in which you reside. In other words if you win in a state with no income tax and you live in a state that has income tax,
Apr 10, 2005, 9:48 pm - Todd - Jackpot Games Forum