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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 ]  
KyMystikal's avatar - 1457224010054
Florence, Alabama
United States
Member #8658
November 13, 2004
1993 Posts
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Posted: February 18, 2007, 12:40 am - 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! 

In KY any place that sells lottery tickets is suppose to cash tickets in up to $600. There are certain places that are cashing agents that can cash up to $5,000 but you also have to fill out tax forms. Then there are places you can go that can only cash up to $25,000. After that there is the lottery headquarters in Louisville. Every place that sells KY lottery tickets are supposed to cash them up to $600 but a lot of them don't have the money to cash. In KY you don't have to pay taxes unless the win is $601 or more. That's why I tell people that when you play the same number for more money, like for example 000 for $5.00 don't get 1 ticket that has $5.00 str 000 or a ticket that has 000 five times on it for $1.00 because they have to do that 1099-G form and you're gonna have to pay taxes on it. Buy individual tickets!!!!!

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

    dumars798's avatar - batman17
    Atlanta
    United States
    Member #28656
    December 20, 2005
    5675 Posts
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    Posted: February 18, 2007, 1:29 am - IP Logged

    Only if i wan a big Jackpot!

            Smart bets...... Equal Phat Pocket$!

                         

                 





      tntea's avatar - Lottery-059.jpg

      United States
      Member #5344
      June 30, 2004
      23641 Posts
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      Posted: February 18, 2007, 7:20 am - 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.

      winning tickets of  less than $600 go in the trash in TN after paid out...  No one sees the back of the ticket.

           OLD/Vtrac   Lottery Bible         Double Warnings      Thumbs Up TN F34/F44

        tntea's avatar - Lottery-059.jpg

        United States
        Member #5344
        June 30, 2004
        23641 Posts
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        Posted: February 18, 2007, 7:26 am - 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.

        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.

         

         

        huh... I wouldn't go out with anyone I could not trust.

             OLD/Vtrac   Lottery Bible         Double Warnings      Thumbs Up TN F34/F44

          Avatar
          California
          United States
          Member #46824
          October 1, 2006
          270 Posts
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          Posted: February 18, 2007, 10:56 am - IP Logged

          KyMystical....you stated in KY you don't have to pay taxes unless the win is $601 or more.  Don't you mean taxes are not witheld on wins below $601?  I am pretty sure that at least from a federal standpoint you are supposed to report winnings below $601 and therefore pay taxes.  Does the state of Kentucky not tax winnings below $601?

            Avatar
            Greenwich, CT
            United States
            Member #4793
            May 24, 2004
            1822 Posts
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            Posted: February 18, 2007, 11:59 am - IP Logged

            I would sign a ticket if I won an amount over $600, since you can't cash it without providing your information anyway.

              tnlotto1's avatar - logo
              nashville
              United States
              Member #49896
              February 18, 2007
              1181 Posts
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              Posted: February 18, 2007, 10:23 pm - IP Logged

              i sign my tickets at the store or in the parking lot in my car because im paranoid about losing it and someone else trying to claim it even though i have never won more than $5000

                KyMystikal's avatar - 1457224010054
                Florence, Alabama
                United States
                Member #8658
                November 13, 2004
                1993 Posts
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                Posted: February 25, 2007, 7:03 pm - IP Logged

                KyMystical....you stated in KY you don't have to pay taxes unless the win is $601 or more.  Don't you mean taxes are not witheld on wins below $601?  I am pretty sure that at least from a federal standpoint you are supposed to report winnings below $601 and therefore pay taxes.  Does the state of Kentucky not tax winnings below $601?

                Any win that is under $600 is not reported so no one knows that you have won anything. I'm sure you may be right that you are supposed to report the win but who would actually tell the the Federal or state government that they won anything under $600 just so they could pay taxes. 

                 I believe it is the same way in gambling at the horse racing parlor and gambling boat. Also I know that if you were to win enough to have to  pay taxes, you can keep losing tickets from that year to write off the winnings so you wouldn't have to pay taxes on the win.

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