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if you found a winning ticket that wasn't yours

Topic closed. 194 replies. Last post 10 years ago by psykomo.

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if you found a winning ticket that wasn't yours that was worth millions what would you do?

keep it for yourself [ 69 ]  [65.71%]
return it to the lottery office [ 5 ]  [4.76%]
ponder the possibilities [ 10 ]  [9.52%]
give it to the store owner [ 0 ]  [0.00%]
offer it to passerby [ 0 ]  [0.00%]
give it to charity [ 0 ]  [0.00%]
smoke a cigar [ 0 ]  [0.00%]
call a lawyer [ 9 ]  [8.57%]
get a number 3 on the dollar menu(frosty included) [ 4 ]  [3.81%]
other [ 8 ]  [7.62%]
Total Valid Votes [ 105 ]  
Discarded Votes [ 3 ]  
justxploring's avatar - villiarna
Wandering Aimlessly
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Posted: June 5, 2007, 11:43 pm - IP Logged

Different circumstances, Pac.   So if this is the case, why do people go to different stores to cash their pick-3 tickets? 

I don't want to hold the world record for number of posts on a thread.  LOL   


    United States
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    June 22, 2005
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    Posted: June 5, 2007, 11:53 pm - IP Logged

    Different circumstances, Pac.   So if this is the case, why do people go to different stores to cash their pick-3 tickets? 

    I don't want to hold the world record for number of posts on a thread.  LOL   

    I don't know. When I cashed in my 3 grand, it was at the Publix on Daniels and Fiddlesticks. The guy at the counter told me I couldn't cash my six tickets. I said yes I can. He called a supervisor, and she told him to go upstairs and get the money.

    I learned early on that If i tried to cash the tix at a covenient store, they would give me a money order, which I had to go to Publix to cash.

    It's maybe because the store didn't have enough money, so I just go to a place where they have more cash on hand.

    The last time I cashed in a 500 win at the Publix in the Pelican Landing plaza, the girl said they don't have enough on hand, and that I'd have to come back later. I said to her...Are you telling me that in all those cash registers, there wasn't 500 bucks?. She then went ot each cashier and asked a portion.

    They only did that because they knew me as a regular customer.


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      Posted: June 6, 2007, 12:01 am - IP Logged

      I don't want to hold the world record for number of posts on a thread.  LOL    ROFL

        justxploring's avatar - villiarna
        Wandering Aimlessly
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        Posted: June 6, 2007, 12:01 am - IP Logged

        They only did that because they knew me as a regular customer.

        ...or because they saw your picture on the 11:00 news.


          United States
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          Posted: June 6, 2007, 12:05 am - IP Logged

          They only did that because they knew me as a regular customer.

          ...or because they saw your picture on the 11:00 news.

                                          ROFL

          I swear...I wasn't robbing them, just demanding money...thats all...LOL


            United States
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            June 22, 2005
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            Posted: June 6, 2007, 12:26 am - IP Logged

            I think cool hand luke would have said something more like...."I'm not gonna convince you, and you're not gonna convince me, so cool it"..said cool hand luke he said....

            Green eggs and ham.....

              Avatar
              NY
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              October 16, 2005
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              Posted: June 6, 2007, 12:45 am - IP Logged

              I hit a 6-spot playing a 15-way ticket (4/2 - 6/4 - 4/6 - 1/8) and Keno manager put the full win amount on the W-2G. I understood I would had to report the $1500 on the 6-spot but I questioned her saying the others were separate bets and all were under $599. She called somebody in the cage and said I was correct and changed it. 

              Thank You.....

              KY Floyd.....can you see this?

              I know I wasn't going crazy...LOL    But it doesen't matter, cause I'm almost there...LOL

              Sure I can see it, and unlike you I can understand it, too. Because they were seperate bets they could be paid separately, and no single bet was big enough to require reporting it to the IRS. That's all. Seperate bets that didn't meet the reporting requirements. It's strictly about the reporting requirements and has nothing to do with obligations to pay tax on income. Since you also apparently don't understand the basic concept of income tax, I'll explain that for you, too. It's a tax on income. It's not a "salary tax" or a "prize tax" or a "t-shirt tax". It's tax on income, regardless of where that income comes from, except where the income is specifically exempt. Gambling winnings are not exempt from federal income tax, and with the possible exception of the state's own games, they're not exempt from state income taxes either. You could easily find this information with a search engine while you're sitting at your keyboard repeatedly demonstrating that common sense isn't all that common, but apparently you're not interested in actually educating yourself when you can simply continue to believe what you want to.

              In another post you said: 

               I've seen many documents saying the very thing I am.

              Nope, sorry.  This is just like being wrong about what it says on lottery tickets about being bearer bonds.  Plenty of documents say that amounts under $600 don't need to be reported. I know you don't understand it, but that's not the same as saying that amounts under $600 aren't taxable.

                justxploring's avatar - villiarna
                Wandering Aimlessly
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                Posted: June 6, 2007, 12:48 am - IP Logged

                To add to this comment, the Indiana Lottery site FAQ answers this simply:

                 

                Q. Do I have to report what I won to the Internal Revenue Service (IRS)?

                A. YES.  All Lottery prizes should be reported to the IRS as income regardless of whether a W-2G is received.

                A W-2G tax form will be provided to players for each prize that was won during the previous calendar year and that meets the following two criteria:

                • Prize is valued at $600.00 or more; and
                • Prize equals at least 300 times the wager

                The $600.00 limit test is applied to individual prizes. Therefore, even though prizes won by a player during a year add up to more than $600.00, they will only receive a W-2G if any one of the prizes is $600.00 or more. For example, if a player wins prizes of $500.00, $500.00 and $2,000.00 in one year, the total prizes won for that year equals $3,000.00. However, the player will only receive a W-2G showing winnings of $2,000.00 since it is the only individual prize that is $600.00 or more.

                For W-2G reporting purposes, the definition of a “prize” for players includes cash, trips or merchandise awarded to those holding winning lottery tickets.  For prizes exceeding $5,000.00, IRS regulations require that the Lottery withhold federal taxes equal to 25% of the prize value before the prize is awarded. The Lottery forwards this money to the IRS on behalf of the winner. This tax withholding will appear on the W-2G. However the winner may still owe more or less, because the ultimate tax amount the player has to pay on prizes received will depend on the player’s personal tax situation

                  psykomo's avatar - animal shark.jpg

                  United States
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                  May 30, 2004
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                  Posted: June 6, 2007, 12:48 am - IP Logged

                  They only did that because they knew me as a regular customer.

                  ...or because they saw your picture on the 11:00 news.

                  STRANGE>>>>>>>>>>>>>>>POST>>>>>>>>>PUBLIX??????????

                  Did anyone>>>>>>>>>>>>>saye>>>>>>>>>>PUBLIX??????????

                  Been try'g to trick the picks @ this place for too>LONGxx??????????

                  I will ASK for pacattack05>>>the next time i $SUMINNnn!!!!!!!!!!!!!! 

                    justxploring's avatar - villiarna
                    Wandering Aimlessly
                    United States
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                    Posted: June 6, 2007, 12:57 am - IP Logged

                    Here is a briefer Q&A from the Missouri Lottery:

                    Taxes
                    All Lottery winnings are subject to federal and state taxes. The Missouri Lottery is required to withhold 4 percent Missouri state tax on prizes of $601 or more along with 25 percent federal tax for prizes over $5,000.

                    Okay, Pac?

                    Nope...you're wrong, Nancy.  I knew once you began agreeing with Floyd you'd turn on me.

                    But Pac.  We're one big happy, dysfunctional family here at LP.  You're just very obstinate. 

                    Nancy, I feel so lost and all alone now.  I need to play my guitar and chill.

                    Pac, go play with Uncle Psykomo.  He will tell you a bedtime story.  Be careful though.  We took the restraints off today, but we sedated him about an hour ago.


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                      June 22, 2005
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                      Posted: June 6, 2007, 1:02 am - IP Logged

                      Sure I can see it, and unlike you I can understand it, too. Because they were seperate bets they could be paid separately, and no single bet was big enough to require reporting it to the IRS. That's all. Seperate bets that didn't meet the reporting requirements. It's strictly about the reporting requirements and has nothing to do with obligations to pay tax on income. Since you also apparently don't understand the basic concept of income tax, I'll explain that for you, too. It's a tax on income. It's not a "salary tax" or a "prize tax" or a "t-shirt tax". It's tax on income, regardless of where that income comes from, except where the income is specifically exempt. Gambling winnings are not exempt from federal income tax, and with the possible exception of the state's own games, they're not exempt from state income taxes either. You could easily find this information with a search engine while you're sitting at your keyboard repeatedly demonstrating that common sense isn't all that common, but apparently you're not interested in actually educating yourself when you can simply continue to believe what you want to.

                      In another post you said: 

                       I've seen many documents saying the very thing I am.

                      Nope, sorry.  This is just like being wrong about what it says on lottery tickets about being bearer bonds.  Plenty of documents say that amounts under $600 don't need to be reported. I know you don't understand it, but that's not the same as saying that amounts under $600 aren't taxable.

                      Obligations?

                      Reporting?

                      Keep crossing your T's and dotting your I's....Good luck!

                      No forms to fill out.....No problems...Get It?

                      I know...it'll be ok......


                        United States
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                        Posted: June 6, 2007, 1:30 am - IP Logged

                        All Lottery winnings are subject to federal and state taxes

                        Of course that's what they will say. It's a disclaimer. They want to tell everyone, hey we know you're not gonna claim it, so wink wink, we don't give two shmootz about it, BUT!!!! We're gonna cover our butts though!

                          LOTTOMIKE's avatar - Lottery-063.jpg
                          Tennessee
                          United States
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                          October 15, 2004
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                          Posted: June 6, 2007, 7:06 am - IP Logged

                          a couple years ago i went to H and R block and they said i was getting 6,000 dollars back on my tax return.i then remembered about two 2,500 winning cash 4 tickets in tennessee i won.when they added that to my income i ended up only getting back 4,000 dollars.that made me really look at it all in a new way.it sure dampened my enthusiasm about winning and ME turning the winning ticket in next time.nudge nudge wink wink.

                            justxploring's avatar - villiarna
                            Wandering Aimlessly
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                            Posted: June 6, 2007, 7:42 pm - IP Logged

                            a couple years ago i went to H and R block and they said i was getting 6,000 dollars back on my tax return.i then remembered about two 2,500 winning cash 4 tickets in tennessee i won.when they added that to my income i ended up only getting back 4,000 dollars.that made me really look at it all in a new way.it sure dampened my enthusiasm about winning and ME turning the winning ticket in next time.nudge nudge wink wink.

                            A $6,000 refund?  Why would anyone lend that amount of money to the government?  Tax refunds aren't gifts like Christmas presents.  They're loans that people who didn't claim enough give to the IRS. It's better to break even or owe a little and put your money in a CD or other interest bearing account.  The IRS certainly doesn't pay you interest on the money they've kept for a year.

                            By the way, if a return changed from $6,000 to $4,000 from a $5,000 win,  that would indicate a very high income bracket.  Even if you & your wife made over $100,000 you'd be in the 25% bracket. ($5,000 x 25% = $1,250) and you've got 2 children.  $5,000 more won't push anyone into an entirely different bracket.  Here are the tax brackets for 2006

                            Schedule Y-1 — Married Filing Jointly or Qualifying Widow(er)

                             

                            If taxable income is over--But not over--The tax is:
                            $0$15,10010% of the amount over $0
                            $15,100$61,300$1,510.00 plus 15% of the amount over 15,100
                            $61,300$123,700$8,440.00 plus 25% of the amount over 61,300
                            $123,700$188,450$24,040.00 plus 28% of the amount over 123,700
                            $188,450$336,550$42,170.00 plus 33% of the amount over 188,450
                            $336,550no limit$91,043.00 plus 35% of the amount over 336,550
                              LOTTOMIKE's avatar - Lottery-063.jpg
                              Tennessee
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                              October 15, 2004
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                              Posted: June 6, 2007, 8:18 pm - IP Logged

                              i have two kids and we are not married plus they give some kind of earned income credit.i ain't gonna argue if they want to give me a big refund,lol.

                                 
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