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• KyMystikal

  

  Florence, Alabama
  United States
  Member #8,658
  November 13, 2004
  2,037 Posts
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  Feb 18, 2007, 12:40 am

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  In response to justxploring

  Quote: Originally posted by justxploring on Feb 13, 2007

  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

  

  Atlanta
  United States
  Member #28,655
  December 20, 2005
  5,675 Posts
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  Feb 18, 2007, 1:29 am

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  Only if i wan a big Jackpot!

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

                       

               
  
  
  
  
  
  
• tntea

  

  50

  United States
  Member #5,344
  June 30, 2004
  23,639 Posts
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  Feb 18, 2007, 7:20 am

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  In response to RJOh

  Quote: Originally posted by RJOh on Feb 7, 2007

  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      TN F34/F44
• tntea

  

  50

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  June 30, 2004
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  Feb 18, 2007, 7:26 am

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  In response to chasingadream

  Quote: Originally posted by chasingadream on Feb 11, 2007

  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.

  Original Post by chasingadream

  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      TN F34/F44
• CA LotteryGuy

  

  California
  United States
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  October 1, 2006
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  Feb 18, 2007, 10:56 am

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  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?
• JAG331

  

  Greenwich, CT
  United States
  Member #4,793
  May 24, 2004
  1,822 Posts
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  Feb 18, 2007, 11:59 am

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  I would sign a ticket if I won an amount over $600, since you can't cash it without providing your information anyway.
• tnlotto1

  

  nashville
  United States
  Member #49,894
  February 18, 2007
  1,181 Posts
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  Feb 18, 2007, 10:23 pm

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  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

  

  Florence, Alabama
  United States
  Member #8,658
  November 13, 2004
  2,037 Posts
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  Feb 25, 2007, 7:03 pm

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  In response to CA LotteryGuy

  Quote: Originally posted by CA LotteryGuy on Feb 18, 2007

  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!!!!!!