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I won the Little lotto

Topic closed. 37 replies. Last post 9 years ago by CCHS13.

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New Member
Chicago
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Posted: April 7, 2008, 1:05 pm - IP Logged

Ey guys, i won the little lotto. I haven't told anybody about it yet.. but i was wondering how can i maximize my money? you know like having someone else cash it who will have to pay less in tax returns and/or get some money back from tax next year. please help. thanks.

    four4me's avatar - gate1
    MD
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    Posted: April 7, 2008, 1:28 pm - IP Logged

    Ey guys, i won the little lotto. I haven't told anybody about it yet.. but i was wondering how can i maximize my money? you know like having someone else cash it who will have to pay less in tax returns and/or get some money back from tax next year. please help. thanks.

    if you give your ticket to someone else to cash for you it's not your ticket anymore it whomever signs the ticket.

    take care of it yourself.

    talk with a tax consultant if you want to figure out what you will owe when you cash your ticket and what you will owe at the end of the year.

    Talk with an investor if you want to invest your winnings.

    And cash your ticket and put the money in the bank take enough out to have a good time and think about what you are going to do with your win fall. let the excitement of wining ware off some before you go crazy and spend it all.

      cadmill12's avatar - praying hands.jpg
      Brooklyn, NY
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      Posted: April 7, 2008, 1:29 pm - IP Logged

      Ey guys, i won the little lotto. I haven't told anybody about it yet.. but i was wondering how can i maximize my money? you know like having someone else cash it who will have to pay less in tax returns and/or get some money back from tax next year. please help. thanks.

      MAKE SURE IT'S A PERSON YOU TRUST, Ask a senior citizen maybe your grandparents or mother or father.  Make sure you pay them for using their social security #.

      When they cash in the ticket go with them.

        four4me's avatar - gate1
        MD
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        Posted: April 7, 2008, 1:40 pm - IP Logged

        MAKE SURE IT'S A PERSON YOU TRUST, Ask a senior citizen maybe your grandparents or mother or father.  Make sure you pay them for using their social security #.

        When they cash in the ticket go with them.

        Yea if you do do that make sure they don't owe the state any money because if the do they will take that money out of the winnings.

        Just because a person is retired doesn't mean they wouldn't owe taxes on the win.

        Big John says. You don't hit the number. The number hits you!!!!

                       I'm not Big John, I'm Four4me, Big John's a friend.
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          Posted: April 7, 2008, 1:42 pm - IP Logged

          thanks, i didn't know abou that sign thing. so if i sign it something like ... this ticket can't be cashed unless in the presense of yada yada yada.. it would probably be a good thing in case i lose it right? and yeah i've already contacted my financial advisor.. just waiting for his email.

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            Posted: April 7, 2008, 1:43 pm - IP Logged

            thanks, i was thinking that same thing. so i if have one of my grandparents cash it for me they probably would have to pay little or no money in tax right?

              four4me's avatar - gate1
              MD
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              Posted: April 7, 2008, 2:01 pm - IP Logged

              heres a link to Illinois lottery facts page scroll down to where it says

              http://www.illinoislottery.com/subsections/news03.htm#num14

              Must i pay taxes on my lottery winnings.

               this applies to anyone who wins the lottery.

              Big John says. You don't hit the number. The number hits you!!!!

                             I'm not Big John, I'm Four4me, Big John's a friend.
                Todd's avatar - Cylon 2.gif
                Chief Bottle Washer
                New Jersey
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                Posted: April 7, 2008, 2:15 pm - IP Logged

                Ey guys, i won the little lotto. I haven't told anybody about it yet.. but i was wondering how can i maximize my money? you know like having someone else cash it who will have to pay less in tax returns and/or get some money back from tax next year. please help. thanks.

                http://www.lotterypost.com/thread/171860

                 

                Check the State Lottery Report Card
                What grade did your lottery earn?

                 

                Sign the Petition for True Lottery Drawings
                Help eliminate computerized drawings!

                  tiggs95's avatar - Lottery-036.jpg

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                  Posted: April 7, 2008, 3:10 pm - IP Logged

                  Get some guts and cash it yourself..If and when I hit big I will never let anyone else cash my ticket to many problems when someone else is in on it..Do it yourself..Glad you won big like we all want to..

                    Raven62's avatar - binary
                    New Jersey
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                    Posted: April 7, 2008, 3:20 pm - IP Logged

                    Ey guys, i won the little lotto. I haven't told anybody about it yet.. but i was wondering how can i maximize my money? you know like having someone else cash it who will have to pay less in tax returns and/or get some money back from tax next year. please help. thanks.

                    Be Responsible: Cash the Ticket and pay the Taxes you're Legally Obligated to Pay!

                    A mind once stretched by a new idea never returns to its original dimensions!

                      Captain Lotto's avatar - CaptLotto
                      Jefferson City, MO
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                      Posted: April 7, 2008, 3:32 pm - IP Logged

                      No offense intended, but when I read something like this, the first thing I think is someone is trying to avoid paying their dues.  Maybe they have back-taxes or child-support payments.  I know it's going to take a chunk, but won't it feel great to be clear of all that?

                      It's become a big problem in Missouri.  Retailers cashing prizes beyond their limit, people splitting tickets to avoid taxes, or giving them to someone else to avoid state bills.  There are plenty of ways to reduce your tax burden, but trying to further game the system is asking for trouble.  Just man up and take the lump. 

                      Again, no offense if you were just asking how to avoid paying too much in taxes. 

                      Captain Lotto

                      "Every day is a good day!"

                        konane's avatar - wallace
                        Atlanta, GA
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                        Posted: April 7, 2008, 3:34 pm - IP Logged

                        if you give your ticket to someone else to cash for you it's not your ticket anymore it whomever signs the ticket.

                        take care of it yourself.

                        talk with a tax consultant if you want to figure out what you will owe when you cash your ticket and what you will owe at the end of the year.

                        Talk with an investor if you want to invest your winnings.

                        And cash your ticket and put the money in the bank take enough out to have a good time and think about what you are going to do with your win fall. let the excitement of wining ware off some before you go crazy and spend it all.

                        I Agree!    Great advice. 

                        Also keep all of your non-winning tickets bought this year as an expense against your winnings.

                        Good luck to everyone!

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                          Posted: April 7, 2008, 3:43 pm - IP Logged

                          thanks, i was thinking that same thing. so i if have one of my grandparents cash it for me they probably would have to pay little or no money in tax right?

                          The amount of the winnings is income and they will probably deduct 25% for federal taxes so that means next year your grandparents have a much higher income. You never mentioned how much you won, but if it's over $25,000 you will probably be better off cashing it yourself and talking to a good tax accountant.

                            ThatScaryChick's avatar - x1MqPuM
                            Idaho
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                            Posted: April 7, 2008, 4:14 pm - IP Logged

                            Congrats on your win. Like others have said already, I think you should cash the ticket yourself, unless you have someone in your life that you can completely trust not to rip you off.

                            "No one remembers the person who almost climbed the mountain, only the person who eventually gets to the top."

                              LottoAce's avatar - WWI Flying_Ace.gif
                              N.C.
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                              Posted: April 7, 2008, 4:25 pm - IP Logged

                              Congrats on your win!!...I also agree that you should cash the ticket yourself.

                              I don't know how much you won, but if it was me, I would place a good deal of that money offshore, like in Switzerland. that way, I wouldn't have to pay taxes on the dividends...

                              Hey,...I'm all for sticking it to tha man!! expecially considering that Uncle Sam bends us over ever chance he gets.

                              "know your limitations, but excede your expectations"