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signing your tickets

Topic closed. 22 replies. Last post 10 years ago by KyMystikal.

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do you ever sign the back of your lottery tickets?

yes [ 11 ]  [19.64%]
sometimes [ 11 ]  [19.64%]
no i never do [ 34 ]  [60.71%]
Total Valid Votes [ 56 ]  
Discarded Votes [ 2 ]  
LOTTOMIKE's avatar - cash money.jpg
Tennessee
United States
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October 15, 2004
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Posted: February 7, 2007, 9:41 pm - IP Logged

do you sign the back of your lottery tickets?

    LottoChica23's avatar - Aquarius
    Fughedaboutit (NY)
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    Posted: February 7, 2007, 9:58 pm - IP Logged

    do you sign the back of your lottery tickets?

    Nope, even though the ticket is a bearer instrument I don't sign the back of my tickets. Oogle

    If I sign the ticket, then that eliminates the possibility of my creating a blind trust or any other creative method to claim the winnings.

    If When I win, I will have to let the "Win" marinate for a while, contact some advisors and then make the decision as to how the prize will be claimed. Troll

    Matrix Chart Instructions--> http://www.lotterypost.com/thread/191818 

    check out mysticwomyn Announcers --> http://www.lotterypost.com/thread/140695/673306

    You can judge the integrity of a man by the way he treats those that can do nothing for him...Thumbs Up

      RJOh's avatar - chipmunk
      mid-Ohio
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      Posted: February 7, 2007, 10:09 pm - IP Logged

      It makes no sense to sign a winning ticket that's less than $600 unless you plan to include it on your tax returns and for the average lottery player that would mean paying extra taxes even if more than $600 was lost playing the lotteries.

       * you don't need to buy more tickets, just buy a winning ticket * 
         
                   Evil Looking       

        justxploring's avatar - villiarna
        Wandering Aimlessly
        United States
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        November 5, 2005
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        Posted: February 7, 2007, 11:38 pm - IP Logged

        I don't sign my tickets for the same reason RJOh mentioned.  Although if I won millions, I'd probably consult an attorney immediately for advice.  Regarding a "Blind" Trust, no matter how you claim your money in FL, your name and town of residence is a public record and always mentioned in the news release. While I was making plans to relocate, it would drive me crazy to think I had a piece of paper worth millions that was unprotected.  I'm one of those people who go back to make sure I turned off the coffee pot and unplugged the iron. 

          dingo's avatar - lottery of-birth.jpg
          San Jose, California
          United States
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          June 26, 2006
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          Posted: February 9, 2007, 3:21 pm - IP Logged

          I signed my tickets for a couple weeks. Then, I got bored. Now, I just leave them unsigned.

           

            TheGameGrl's avatar - character catafly.jpg
            A long and winding road
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            Posted: February 10, 2007, 9:02 am - IP Logged

            If the ticket is over $600.00 then yes, I sign it. Its a precaution and a wise one at that!

            If its a ticket that is in our lottery pool, then the group has a different procedure implemented.

            ~~Is it true, Is it kind,Is it necessary. ~~~

             Thanks be to the giving numbers: 1621,912,119 02014

              justxploring's avatar - villiarna
              Wandering Aimlessly
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              Posted: February 10, 2007, 1:48 pm - IP Logged

              If the ticket is over $600.00 then yes, I sign it. Its a precaution and a wise one at that!

              If its a ticket that is in our lottery pool, then the group has a different procedure implemented.

              Yes, I agree.  I guess I was thinking more about the huge jackpots.  I never won more than $75 at a time, so I haven't had the pleasure of signing a $600 winner!   It would be crazy not to sign my ticket immediately if I won thousands of dollars.

              Does anyone know how a signature would have an effect on creating a Trust or LLC?  I'm not talking about a pool.  So many people here have said not to sign the ticket, but I'm not so sure it would make a difference if the winner signs his ticket and then wants to see a lawyer.  If I won a large amount of money, I would be very nervous until my signature was on that ticket. 

                TheGameGrl's avatar - character catafly.jpg
                A long and winding road
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                Posted: February 11, 2007, 8:14 am - IP Logged

                Yes, I agree.  I guess I was thinking more about the huge jackpots.  I never won more than $75 at a time, so I haven't had the pleasure of signing a $600 winner!   It would be crazy not to sign my ticket immediately if I won thousands of dollars.

                Does anyone know how a signature would have an effect on creating a Trust or LLC?  I'm not talking about a pool.  So many people here have said not to sign the ticket, but I'm not so sure it would make a difference if the winner signs his ticket and then wants to see a lawyer.  If I won a large amount of money, I would be very nervous until my signature was on that ticket. 

                From my state website lottery, the procedure when more then one person claims on the winning amount. Only one person need sign it as the primary holder. The primary claimant then must have all other parties file a form with social security and other ID . When the funds are distributed, its distributed based on the amount of claimants for that ticket claim. Whether its a trust or not, all names and identity must be validated /verified thru the lottery . More often then not its to catch any past due taxes/child support/alimony that may be outstanding. A Trust/LLC claim still has an entity accountable for paying the taxes, they arent completely anonymous to the government.

                Basically I can sign a huge jackpot ticket and at the time of claiming, put on the file that I want all proceeds to go to such and such a Trust.

                ~~Is it true, Is it kind,Is it necessary. ~~~

                 Thanks be to the giving numbers: 1621,912,119 02014

                  chasingadream's avatar - Archangel 01.jpg

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                  Posted: February 11, 2007, 12:35 pm - IP Logged

                  it depends.....if I am out with someone when i buy them then yes i will sign them but if I'm alone and I don't have any fear of anyone takin the tkt then i don't sign it.

                  Oogle  waiting patiently for my jackpot

                    starchild_45's avatar - spherewall2
                    kent, washington
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                    Posted: February 11, 2007, 11:17 pm - IP Logged

                    i do when i know it is a winner.

                      KyMystikal's avatar - 1457224010054
                      Florence, Alabama
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                      Posted: February 11, 2007, 11:23 pm - IP Logged

                      Once when I tried to cash a $600 ticket they told me I needed to sign the back of the ticket and I asked why because you don't need to sign it unless you have to pay taces on it. The girl told me they had new management and required a signature so I signed the ticket Mickey Mouse.

                      I love doubles and remember, it's just a game!!!!!!

                        RJOh's avatar - chipmunk
                        mid-Ohio
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                        Posted: February 13, 2007, 12:46 am - IP Logged

                        In Ohio any ticket worth more than $599 has to be taken to an approved bank to be cashed after it has been verified a winner by the store terminal.  The bank not only requests your name and some ID but your SS number and signature on some forms so the state can send you a W-G for taxes.  Also you're charged for this service.

                         * you don't need to buy more tickets, just buy a winning ticket * 
                           
                                     Evil Looking       

                          justxploring's avatar - villiarna
                          Wandering Aimlessly
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                          Posted: February 13, 2007, 2:59 am - IP Logged

                          Once when I tried to cash a $600 ticket they told me I needed to sign the back of the ticket and I asked why because you don't need to sign it unless you have to pay taces on it. The girl told me they had new management and required a signature so I signed the ticket Mickey Mouse.

                          I'm surprised you weren't asked for ID. Your situation sort of defeats the whole purpose of asking for a signature.  Are you sure it was $600 and not $599?  AFAIK you can't collect $600 at a store, unless that's something local. You definitely are required to pay taxes on any ticket $600 or over, and that isn't a State Law, it's Federal.  In FL they will let you claim up to $4,999 without deducting taxes at the local lottery office, but you are required to fill out forms and will get a W-G like RJOh points out and you must list it on your tax return.  If you called the IRS, they'd probably tell you to claim every penny you earn or win.  If we win $100 we're supposed to list it as income when we file. If you shovel someone's driveway or mow lawns, you're supposed to claim the money. Most people simply don't.  Once I worked for just 3 days at a company & quit, but the income was still reported to the IRS. The company just isn't required to deduct taxes or send a 1099 if the total is under $600, but the income is usually reported even if you don't get a tax form.

                          RJOh, I think it's unfair that you are charged for the service.  Assume it's a bank charge?  I've never heard of that in FL, but there is a regional state lottery office 25 miles from me anyway. One of these days I'd love to have a reason to go there! 

                            Avatar
                            NY
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                            Posted: February 13, 2007, 4:18 pm - IP Logged

                            I'm surprised you weren't asked for ID. Your situation sort of defeats the whole purpose of asking for a signature.  Are you sure it was $600 and not $599?  AFAIK you can't collect $600 at a store, unless that's something local. You definitely are required to pay taxes on any ticket $600 or over, and that isn't a State Law, it's Federal.  In FL they will let you claim up to $4,999 without deducting taxes at the local lottery office, but you are required to fill out forms and will get a W-G like RJOh points out and you must list it on your tax return.  If you called the IRS, they'd probably tell you to claim every penny you earn or win.  If we win $100 we're supposed to list it as income when we file. If you shovel someone's driveway or mow lawns, you're supposed to claim the money. Most people simply don't.  Once I worked for just 3 days at a company & quit, but the income was still reported to the IRS. The company just isn't required to deduct taxes or send a 1099 if the total is under $600, but the income is usually reported even if you don't get a tax form.

                            RJOh, I think it's unfair that you are charged for the service.  Assume it's a bank charge?  I've never heard of that in FL, but there is a regional state lottery office 25 miles from me anyway. One of these days I'd love to have a reason to go there! 

                            I expect that $4999 that FL will let you collect is because $5000 is the threshold at which the IRS requires taxes to be withheld. State and federal law says that you are required to pay taxes on any  lottery winning, even if it's only $1. $600 is just the  level at which they bother with paperwork. They know nobody is going to report a $500 win, but they also know that virtually everybody who wins $500 spends more than that on tickets and therefore doesn't have a net income. If they thought many people were  making a profit I'm pretty sure we'd be seeing paperwork for wins of $100 or more instead of $600. If a business hires you and you quit after 5 minutes, there's a good chance they'll report your income to the IRS. A small business might just give you a couple of bucks cash and forget about it, but technically they are required to report all income paid to employees, plus  if they want to take a deduction they need to document it.

                              RJOh's avatar - chipmunk
                              mid-Ohio
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                              Posted: February 13, 2007, 6:47 pm - IP Logged

                              I'm surprised you weren't asked for ID. Your situation sort of defeats the whole purpose of asking for a signature.  Are you sure it was $600 and not $599?  AFAIK you can't collect $600 at a store, unless that's something local. You definitely are required to pay taxes on any ticket $600 or over, and that isn't a State Law, it's Federal.  In FL they will let you claim up to $4,999 without deducting taxes at the local lottery office, but you are required to fill out forms and will get a W-G like RJOh points out and you must list it on your tax return.  If you called the IRS, they'd probably tell you to claim every penny you earn or win.  If we win $100 we're supposed to list it as income when we file. If you shovel someone's driveway or mow lawns, you're supposed to claim the money. Most people simply don't.  Once I worked for just 3 days at a company & quit, but the income was still reported to the IRS. The company just isn't required to deduct taxes or send a 1099 if the total is under $600, but the income is usually reported even if you don't get a tax form.

                              RJOh, I think it's unfair that you are charged for the service.  Assume it's a bank charge?  I've never heard of that in FL, but there is a regional state lottery office 25 miles from me anyway. One of these days I'd love to have a reason to go there! 

                              The banks consider their service a conveniences.  Actually I have a choice of cashing a ticket for free by traveling 65mi. to the nearest regional office in downtown Columbus (the state capitol) and paying a fee to park in a parking garage near by or driving 13mi. to the nearest approved bank, park in their customer lot and pay their fee.  For me the travel time and gas money saved is worth their fee.  If I ever win a Jackpot, I'll have no choice, I'll have to travel to Columbus.

                               * you don't need to buy more tickets, just buy a winning ticket * 
                                 
                                           Evil Looking