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State taxes - my experienceReply
I love that Trust idea. Do you have to set up the Trust before you hit the jackpot? What kind of Trust is best for this? According to Investopedia, Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming do not levy state income taxes, while New Hampshire doesn t tax earned wages. South Dakota has a Registration of Trust cost of $125. From greensfelder.com, States where you can avoid income taxes In states such as Kansas you can avoid state i
Jan 19, 2023, 1:00 am - Wavepack - Lottery Discussion Forum

State taxes - my experience
There has been a lot of discussion in the $1.3 billion Mega Millions jackpot thread about how state taxes are applied. Here is my experience. I am resident of Canada and on two occasions I won a large enough sum in a US lottery to have the tax applied. The state in which I won the prizes had a state lottery tax at the time. I had to pay the state tax even though I was not resident of the state. I was told everyone is obligated to pay the state tax regardless of where they reside. I also
Jan 16, 2023, 1:23 pm - winoneday - Lottery Discussion Forum

Biggest reason for Lottery Winners going broke soon? :/Reply
There seems to be a misconception about going broke . Don't know what the average number of tickets each player buys, but I doubt most people go broke buying tickets for one drawing. Single filer prize winners with a total income of up to $170,050 are in the 24% tax bracket so they shouldn't owe very much if anything because of the withholdings. If the total income is $539,901 or more, they could another 13% in taxes. There probably are people that spend the majority of their prizes only to
Jan 11, 2023, 12:48 pm - Stack47 - Lottery Discussion Forum

Poll: Classic Mega MillionsReply
We're getting fewer winners with smaller prizes... In August of 2017 a $350M jackpot would have have given the winner $216M before taxes $162M after taxes in California. That's $0.46 on the dollar take-home. On 11/27/2023 the PB jackpot is $352M.... with a cash option of $163M before taxes about $103M after taxes in California.. That's $0.29 on the dollar take-home. That's a difference of $53M on the pre-tax $59M on the post-tax payout... So where the hell is that e
Nov 26, 2023, 12:13 am - Rexer90 - Lottery Discussion Forum

How do aliens deal with lotteries?Reply
They better pay their fair share in taxes..just sayin'...If not??... anonymous tip to the IRS!
Oct 1, 2024, 7:03 pm - CDanaT - Lottery Discussion Forum

Decrease of cash valueReply
It's just gonna keep going down, down, down until someday a $1.5 billion Powerball jackpot winner will only take home a lump sum of $25,000,000 after taxes.
Oct 22, 2023, 9:04 pm - jjtheprince14 - Lottery Discussion Forum

Racetrack taxes
Sorry, I wasn't sure where to post this I have a question regarding winnings at the racetrack I have cashed tickets for multiple thousands of dollars at the track in the past and always had the option for them to take 20% (or maybe it was 25%?) right off the top and I claim it at tax time But it has always been just me and the winnings What if I'm in a pool with several people and we have them take the tax right off the top How are the other players responsible for their fair
May 3, 2023, 12:23 pm - ScoobyDue - Lottery Discussion Forum

The ever increasingly inflated jackpot prizes for MM and PB
Not sure if many have noticed ( look at current jackpot) there's a huge gap between estimated cash value and jackpot prize. It used to be cash value representing roughly 80-85% of total jackpot prize then states and federal taxes where apply. Now it's almost less than 40%. That is a huge change in how lotteries are estimating jackpot prizes. Setting aside the fact the United States is the only country that taxes lottery wins, it's also the only country in the developed world where it's legal to
Feb 27, 2023, 4:15 pm - thaencyder - Lottery Discussion Forum

Whoever does win the $1.9 Billion better be packing!
In more ways than one. Whoever wins the $1.9 billion(Roughly $500 million after taxes) better be buying guns and be packing their bags and getting the hell out of dodge if they live in one of the many states that require Winners to come forward publicly in order to claim the prize. They're going to be dealing with a lot of People begging them for money at best(I remember a story where some 20 year old young man came forward one day and won about 20 million before taxes, so probably about 5 milli
Nov 8, 2022, 10:36 am - Lotto fanatic - Lottery Discussion Forum

What would you do with the grand prize tonight?Reply
I don't know. I mean really, what can you do with $502 million cash after taxes.
Nov 7, 2022, 8:19 pm - grwurston - Lottery Discussion Forum