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Florida Scratch Offs - Post Pictures if posibleReply
Does anyone know how to claim losses with scratchers after winning a big prize like 100k and having to pay taxes on it?
Dec 13, 2023, 6:23 pm - speeddmon - Instant ("Scratch-Off") Games Forum

Florida Scratch Offs - Post Pictures if posibleReply
Hi Speeddmon, in the FL Lotto press releases those big checks to go along with all those big smiles always show the wins in todays dollars....but that win amount is, in reality, spread over many years (usually 20). The Lotto gives such winners the option to get paid right away in one lump sum, but at a discounted amount, since future inflation would erode the buying power of the annual payment if the annual $ option was chosen (think of if you bought a car 20 years ago what would a comparable on
Feb 5, 2023, 4:41 am - Cape $cratcher - Instant ("Scratch-Off") Games Forum

Florida Scratch Offs - Post Pictures if posibleReply
Someone posted, I believe it was CapeScratcher about how the new prize payout is lower than it was before. So if you want a better payout on $1million dollar winner stick to tickets that came out with 500x or before. I'd stick with $20 Gold Rush Limited. It's crazy that there is a 200k difference in payout. That's almost 40% in taxes out the gate :(.
Mar 22, 2023, 3:01 am - speeddmon - Instant ("Scratch-Off") Games Forum

Florida Scratch Offs - Post Pictures if posibleReply
500X the Cash is a straight cash payout minus taxes. 1 Million a Year for Life is an annuity, which would be paid out as 1 million a year for twenty-five years. If you take the cash option, you receive the amount that they would have to invest over 25 years to pay that amount (which is less than the full 25 million.)
Mar 21, 2023, 9:12 am - Sum Buddy - Instant ("Scratch-Off") Games Forum

Florida Scratch Offs - Post Pictures if posibleReply
Why is there a sudden drop in winning a $1 million prize compared to last year? Also, do you know the total amount take home after taxes? I thought you were taxed only once @ 24% from the IRS? Thanks for the prize payout table, I didn't think there would be any $1 million prizes on this ticket at all. Hopefully this means we are getting a new Lucky for Life game coming in March or soon.
Feb 5, 2023, 4:13 am - speeddmon - Instant ("Scratch-Off") Games Forum

Florida Scratch Offs - Post Pictures if posibleReply
Interesting article. I'm supposing this happens here in FL on a much smaller scale (and between friends relatives) when someone wants to avoid trying to process a claimer if they owe back taxes or child support. These guys though...geesh https://www.boston.com/news/crime/2022/12/12/watertown-father-and-son-who-cashed-over-20-million-in-winning-tickets-found-guilty-of-lottery-scam/
Dec 27, 2022, 1:25 pm - Cape $cratcher - Instant ("Scratch-Off") Games Forum

Florida Scratch Offs - Post Pictures if posibleReply
The upcoming $1M/Yr/Life ticket, from what I can predict, will have very similar odds to the current 500X. One curious item is the ILR from the FL Lotto I got last week showing 234 $1M wins and 2 Grand Prize For Life wins (guaranteed 25 years), but then the promotional material shows 217 $1M+ wins, so I guess we'll see. Do take note...the cost of money has increased since last year!! Someone hitting a $1M on this new ticket and taking the lump sum will get $640K before taxes...while a compar
Feb 5, 2023, 3:58 am - Cape $cratcher - Instant ("Scratch-Off") Games Forum

Florida Scratch Offs - Post Pictures if posibleReply
Spot on, Gators! Folks, traditionally for prizes of $1M or more the FL Lotto offers 2 payment options; a fixed payment per year over a given number of years (usually 25), or a one-time lump sum. As new games with prizes at $1M or more are released, the FL Lotto essentially locks in pricing for the fixed payment option with an insurance company. These financial products are referred to as Fixed Immediate Annuities, and are among the most stable annuity products available. If someone elects th
Mar 25, 2023, 12:04 am - Cape $cratcher - Instant ("Scratch-Off") Games Forum