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Back Taxes
If I owe both NY and Fed back taxes does lottery take both when claiming a prize at lottery claims center?
Jun 4, 2023, 12:12 pm - sam9009 - Lottery Discussion Forum

After taxes
Im trying to find that link that shows players state by state the taxes you pay after a big win.
Jul 23, 2022, 11:52 am - RGebhard55 - Lottery Discussion Forum

CA $184,416 Fantasy 5 jackpot split 32 waysReply
Yeah, they won $5763 BEFORE TAXES!! G5
Jun 26, 2023, 8:16 am - GiveFive - Lottery Discussion Forum

Racetrack taxesReply
Do you want things to be easy, to be fair to everybody, or to follow IRS regulations? The easy way is to let the track withhold the money, split the rest, and have one person claim the winnings and pay the taxes. To be fair to everybody you'd figure out the actual tax implications for the person who reports the winnings and split the actual amount after the taxes that result from the additional income. It's unlikely that what the track withholds will be exactly what is owed in taxes, so
May 4, 2023, 1:50 am - KY Floyd - Lottery Discussion Forum

Whoever does win the $1.9 Billion better be packing!Reply
FYI, the California winner is taking home $628.5 million in cash after taxes.
Nov 12, 2022, 11:47 am - Todd - Lottery Discussion Forum

800 million dollarsReply
Here's another reason why anyone that wins a huge lottery jackpot needs to hire a team of financial experts. Your taxes just got a whole lot more complex than they ever were after your big lottery jackpot win, and most people would not have a clue how to do their taxes on their own. Not to mention those whopping big numbers on the tax form you file with the IRS is going to immediately draw the IRS's attention, and your return will most likely be flagged for an audit. Everybody does their inc
Apr 16, 2023, 11:18 am - GiveFive - Lottery Discussion Forum

Racetrack taxesReply
Basically you're asking if everyone in the group pays taxes after taxes were already deducted? In your example because $2000 was deducted off the top, the others already paid their share of taxes. The person cashing the ticket got a W-2G and will report the $10,000 as income on next year's 1040.
May 3, 2023, 11:31 pm - Stack47 - Lottery Discussion Forum

Biggest reason for Lottery Winners going broke soon? :/Reply
I agree. LF does not seem to understand taxation. The lottery withholds less than the full amount of taxes due so you will owe the rest of the taxes. If you invest any if the winnings, whether it is cd interest, savings accounts, etc., you will owe taxes on the earnings. You are not being taxed twice. Many lottery winners go broke from stupidity, greed, and thinking they will be a superstar or they start a business where they have zero expertise.
Jan 11, 2023, 9:29 am - Artist77 - Lottery Discussion Forum

800 million dollarsReply
Bonds and term deposits? Would i have to pay taxes for these? Then why did someone bring up fidelity investments or bank savings account where either dividends or interest alone would make me money? If so, how would all of this work then looking at the bigger picture then knowing how uncle sam works with taxation? How could certain types of investments churn out a lot of money with little taxes?
Apr 9, 2023, 2:17 pm - donbathe - Lottery Discussion Forum

Biggest reason for Lottery Winners going broke soon? :/Reply
Give me an example of a person who won a jackpot and went broke from taxes on the winnings. What it sounds like you are saying is the taxes on a jackpot are more than the amount won--and that is not true.
Jan 11, 2023, 6:57 am - zephbe - Lottery Discussion Forum