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South Carolina man passes up on going to casino, wins $2 million in Michigan Lottery insteadReply
Off setting credit against the state taxes he already paid.
Oct 17, 2024, 7:15 am - Artist77 - Lottery News

South Carolina man passes up on going to casino, wins $2 million in Michigan Lottery insteadReply
So he had to pay the Michigan taxes....but someone better tell him, he'll have to pay South Carolina taxes too! lol
Oct 16, 2024, 8:27 pm - sdw1000 - Lottery News

West Virginia Lottery launches online ticket salesReply
Funny you mention horse racing. The gaming places here (like a real casino) are with historic race machines. Some folks bet $20 and can win thousands with no taxes. Cheapskates like me if you win over $600 or thereabouts you get KY and Federal taxes.
Oct 31, 2024, 5:21 pm - Bleudog101 - Lottery News

A Texas Lottery jackpot was "bought" last year, but legislators are pushing wrong solutionReply
the jackpot would be worth $57.8 million. Then, the top federal income tax rate of 37% cuts the cash value amount to around $36.4 million. The cost of the tickets is a tax deduction If you only pay the regular ticket price spending $26 million to win $57.8 million leaves you with a taxable income of $31.8 million. Losing 37% of that to federal taxes leaves just over $20 million of after tax income/profit. Since it's a NJ based group I'll figure they'd lose about another $3.2 million to NJ t
Oct 21, 2024, 2:36 am - KY Floyd - Lottery News

California man says he's waited nine weeks for $44 million Powerball lottery jackpot payoutReply
* Jerry got paid out 2 weeks ago. He was cut a check for $17mil after taxes.
Nov 25, 2024, 11:35 pm - noise-gate - Lottery News

Huge luck in Michigan this week: five big lottery wins in one weekReply
I guess $25K a year would be life-changing if you can't afford groceries right now, because that's about all it would buy after taxes.
Oct 2, 2024, 1:50 pm - play4shekels - Lottery News

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

D.C. postal worker plans to retire after 30 years with USPS thanks to $1 million lottery prizeReply
and then he has to pay about 40% of $680,000 in Federal and State taxes. He should net $384,000.
Sep 20, 2024, 8:48 am - golfer1960 - Lottery News

D.C. postal worker plans to retire after 30 years with USPS thanks to $1 million lottery prizeReply
I am totally with you on this one. Every time that I see an article that screams One million winner joins the millionaires club am always like, wait a minute, what about taxes? Unless we are talking about a winner in Canada where they don't pay taxes on the lottery. Looking at the Maryland tax for nonresidents, the winner will pay this on top of the 37% to federal tax. Non-Maryland residents: 8% state tax withheld Add'l state taxes due (8.95% final rate) To give the article some
Sep 19, 2024, 5:00 pm - JustMaybe - Lottery News

California man receives $44 million Powerball lottery payout after nearly 12 weeks of waitingReply
They just want to collect on the interest as long as possible. Let's say they earn 4% on a lottery fund. So three months is 1%. 1% on 25 million before taxes is a cool 250k. If he wouldn't have reached out. I'm sure they would've dragged it out even longer.
Nov 30, 2024, 12:20 pm - Cmoore50 - Lottery News