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Joining a lottery club?Reply
I agree with rundown99 on this one. Have tried this before. Had 63 people playing with me. With that many people no one trusts anyone. We got a lawyer. They took in all the tickets matched the winner for a hefty fee. After all was said and done each person only got 9800 after taxes and lawyer fees. No one was really happy with it as we all made about the same working in the oil fields.
Apr 4, 2023, 11:31 pm - lottologix - Lottery Discussion Forum

Do you pay your lottery subscription by Direct Debit?Reply
The lotteries in the U.S. are mostly state agencies with rules and regulations determined by state legislators. The jackpots are the only MM and PB prizes that are the same in each jurisdiction and each state regulates things like anonymity, state and local taxes and . In the U.S. lottery winnings are included with certain type of gambling as income and lottery winnings are taxed by the IRS the same as Bingo, casino, horse racing and sports betting winnings. Canada exempts lottery winnings.
Jan 29, 2023, 5:35 pm - Stack47 - Lottery Discussion Forum

cashing large winning lottery ticketsReply
It really depends on your state lottery cashing policies. In Ohio after validating tickets valued over $600 at a retailer they use designated banks for payment. In KY they use Cashing Agents that will pay up to $5000 but if you make arrangements, with them, you could get the entire $15,000 the same or next day. Call your state lottery. You'll get a W-2G for federal and any state taxes too,
Jan 20, 2023, 7:37 pm - Stack47 - Lottery Discussion Forum

State taxes - my experienceReply
If the state the ticket is purchased in allows tickets to be claimed as a trust, the state you live in couldn't tax the winnings as long as business relating to the trust aren't performed there. So the winning state would need to accept trust claimants and have no tax on winnings. Theres an article this week in the New Yorker about how the Getty family avoids 100s of millions of dollars in California taxes by having a trust in Nevada and doing exactly that.
Jan 17, 2023, 5:14 am - SoCola - Lottery Discussion Forum

State taxes - my experienceReply
But what if the state you purchased the winning ticket in had no state tax? You wouldn't have to pay anything. So I living in the USA live in a state with a state tax .... I take a ride to an adjoining state that has no state tax and am lucky enuff to buy the winning ticket to the big jackpot game. Now I know if I remain a resident of my home state I'll have to pay taxes on my winnings but what if I pick up and move to the no tax adjoining state before I claim my prize?
Jan 16, 2023, 3:11 pm - ShagE3 - Lottery Discussion Forum

Your reaction to being the only winner of MM or PB?Reply
I'd be happy, but a worried that I'd become a target. I live in a non anonymous State where Lottery Winners have to come forward publicly in order to claim the Jackpot. If I won say 1.35 billion before taxes, I'd be worried that People would try to kill me for that money. Abraham Shakespeare was murdered over his Lottery money(Dee Dee Moore stole his money (She was supposed to hold on to his money for him, not use it on herself which she did)and then murdered him when he asked for his money back
Jan 13, 2023, 8:46 pm - Lotto fanatic - Lottery Discussion Forum

Biggest reason for Lottery Winners going broke soon? :/
Now, I remember thinking that the biggest reason for Lottery Winners going broke soon was because of giving money to a bunch of people who ask them for money, such as Friends and Family, but it actually turns out that the biggest reason for Lottery Winners going broke soon is actually tax problems. I remember thinking you only get taxed once and then never again, but you actually get taxed twice. A lot of Lottery Winners assume that they only get taxed once and are stunned when they get taxed ag
Jan 11, 2023, 4:24 am - Lotto fanatic - Lottery Discussion Forum

groups and patternsReply
About right. But don't forget the property taxes. Those go on til you croak. They eat your lunch, dinner, and next days donuts. G
Oct 9, 2022, 11:39 pm - garyo1954 - Lottery Discussion Forum

What type of lottery winner would you be?
Let s assume that you win big on the lottery, by winning big I assume over 50 million after you have paid all taxes. What type of winner would you be? Would you be the type that wants financial security in the money? Hurray!!! I won 50M but will still drive my 1950 Toyota, live in my 1940 mobile home that I got for 25K. These are the type of winners who don t want to touch the money, all they want is the financial security that the money provides but they don t want to spend even a dime
Nov 17, 2023, 1:18 pm - JustMaybe - Lottery Discussion Forum

The Idiot TaxReply
Ignore the little jack asses that live in your head, they get everything wrong, they say. Doesn't matter where the taxes come from, property, sales, income, lottery, when have you last seen your tax dollars at work? The pot hole is still there, but they added a speed bump. That's about all government is, a bump in the road. BobP Excel at PE if you want to earn a living throwing things.
Apr 2, 2024, 1:23 am - BobP - Lottery Discussion Forum