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Lottery Taxes

Topic closed. 78 replies. Last post 8 years ago by paulkbarnes.

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CCHS13's avatar - chi jpeg.jpg
Illinois
United States
Member #46704
September 23, 2006
3692 Posts
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Posted: July 21, 2008, 10:25 am - IP Logged

The book I am reading now says you can give $22,000 a year to as many people as you want, it is dated 2006. Course it says "may be liable" if over $12,000 here http://www.irs.gov/newsroom/article/0,,id=107815,00.html 

Not sure if it is the same now or more. Not too bad, and in my area that would be a good living for most. You would be giving someone a career! I also love all the tips and sample press conference questions, and how you should dress and act etc. I have been rehearsing those for about 3 years now, and rehearsing is something I am used to. They also tell you how to hold the BIG check. I Agree!

sirbrad I appreciate the response

Men Lie Women Lie Numbers Dont

    DC81's avatar - batman39
    MI
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    Posted: July 21, 2008, 11:00 am - IP Logged

    So,just how should a person that just won a fortune dress & act at a press conference?

    In a disguise and acting out of their own character and pretending to be someone else or preferably just have a lawyer claim it for your trust that you've set up. Anything to get your name and face out of the papers is how I'd want to go about it.

    You can't predict random.

      psykomo's avatar - animal shark.jpg

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      Posted: July 21, 2008, 7:50 pm - IP Logged

      I asked this question long ago but still never got a definite answer. Say you win $1,000,000 and the 25% is already paid, (PA) would you still be taxed on this income year after year? I don't see how you could, as it would not be income anymore after the first year and taxes already taken out. I keep hearing some say taxed at 35% or something like that, what does this mean exactly?

      The will take 35% of your money each year? I don't think so, if that was the case you would have nothing pretty quickly. Say you cleect interest at 5% with a CD, how much would tax be on that? I heard 10% but I guess it depends on the bank. Also I heard Municipal Bonds pay like 20%, are they risky? I also read they were tax exempt. I would most likely go half and half on CD's and Munis.

      I know this not the place to ask for tax advice, but just wanted to see if anyone had any idea how it all works. I emailed the IRS, but you have to call and I am not going to go through all of that with them until I win. So if anyone can explain more thoroughly it would be appreciated, and informative for other members seeking the same answers in the future.

      REALLY G@@D POST>>>>>sirbrad:

      NO, for the past 5 year's I have PLAYED the LOTTERY & consider MYSELF>

      A DARN BIG D@G@@DER to EDUCATION & all good thing's that D LOTTERY

      STAND's>>>>>UP>>>>>>YES>>>>>>>>PSYKOMO want's to help>>>>>

      ALL the POOR people who need HELP,,,,,,,ANYWAY I can>>>>>!!!!!!!

      BUT, now UR demorat cumgre$$$ want's to RAISE UR GAS tax 10(cent's)

      RAISE HELL all U rich people who DRIVE>>>

      BUT, if U WALK or RIDE the BUS>>>>VOTE DEMOORAT$$$

      LOL   (al gore may send his LIMO to Quick-Pick U-up ?????????????????)

      PSYKOMO

        sirbrad's avatar - Lottery-062.jpg
        PA
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        Posted: July 21, 2008, 8:40 pm - IP Logged

        So,just how should a person that just won a fortune dress & act at a press conference?

        Depends on the person I guess. The examples stated to be positive, make no promises, wear your "Sunday best," act as though the cameras/microphones are on you from the time you walk in until you get back to the car, do not use profanity or slang, make derogatory or slanderous comments, project your voice clearly and loudly so everyone in the press hall hears you, be polite and helpful to the press, hold and display promotional checks correctly, etc.

         

        Most common sense, but still good information to know and rehearse. May seem easy now, but unless you are used to public speaking (luckily I am) it could prove to be very tough and nerve-wracking. So the more you practice the easier it will be and will flow smoothly without you fumbling around with your words. Projecting confindence will also minimize security risks, as no one wants to mess with anyone who seems to know what they are doing and talking about.

          psykomo's avatar - animal shark.jpg

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          Posted: July 21, 2008, 8:54 pm - IP Logged

          I agree....and I know this for sure!  This doesn't only apply to the wealthy.  Even if you earn a small amount of additional income working from home or get a lot of tips at your job, you're supposed to do this so you don't owe much more than $1,000 when you file.  It's a crap shoot.  Most people are never audited, but there are flags that alert the IRS.

          YES>>>>>YES>>>>>JXP:

          YOU WANT to pay EXTRX 10 cent's a gallon to the GAS TAX trust fund that

          cumgre$$ has proposed "YES" if you deliver pizza's or DRIVE a (CAR)!!!!!!

          UR>>>>>>RICH>>>>>RICH>>>??????????????????????????????????????????????$$$$$$$$$$$$$$$$$$$

          have U & UR RICH friend's HEARD?

          THE DEMO's in cumgre$$ would like U to walk>>>>>>>>>>>>>>>>>>>>

          THE pillsberry doe BOUY does  EXIST today...>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

          THANK's 2222222 OUR CUMGRESS >>NO BUD>>USA sold

          TRANSLATION:

          IF YOU depend on a WINNFALL like the LOTTERY>>>>>>VOTE DEMO!!!!!

          IF YOU really LIKE LONG>>>>>>LINE's to play the lotto>VOTE  DEMO!!!!

          IF YOU fall on the FLOOR>>>>>and  DIE>>>>(HEAVEN)>VOTE  DEMO!!!!

          LOL>>>>>>>>>>>>>>>>>>>(please don't listen 2 PSYKO!!!!!)!!!

          PSYKOMO

            sirbrad's avatar - Lottery-062.jpg
            PA
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            Posted: July 21, 2008, 8:58 pm - IP Logged

            The book also covers all the types of advisors and legal consultants you should put together as teams. Very in-depth for such a little book. Can't wait to start the other one.

              psykomo's avatar - animal shark.jpg

              United States
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              May 30, 2004
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              Posted: July 21, 2008, 9:16 pm - IP Logged

              I asked this question long ago but still never got a definite answer. Say you win $1,000,000 and the 25% is already paid, (PA) would you still be taxed on this income year after year? I don't see how you could, as it would not be income anymore after the first year and taxes already taken out. I keep hearing some say taxed at 35% or something like that, what does this mean exactly?

              The will take 35% of your money each year? I don't think so, if that was the case you would have nothing pretty quickly. Say you cleect interest at 5% with a CD, how much would tax be on that? I heard 10% but I guess it depends on the bank. Also I heard Municipal Bonds pay like 20%, are they risky? I also read they were tax exempt. I would most likely go half and half on CD's and Munis.

              I know this not the place to ask for tax advice, but just wanted to see if anyone had any idea how it all works. I emailed the IRS, but you have to call and I am not going to go through all of that with them until I win. So if anyone can explain more thoroughly it would be appreciated, and informative for other members seeking the same answers in the future.

              sirbrad:

              the PARTY tax PARTY just got$$ started!$$$$$$$$$$$$$$$$$$$

              Tell the cumgre$$ (why) raise TAX!!

              ?????????????????????????????????????????????????????????????

              ARE YOU having FUN with the SELL-OUT$$$$but raise UR gas taxe's!

              TRANSLATION:

              CHECK-OUT >>>>>>PSYKO >>>>>>>(HE trie's 2222222 enjoy LP>>

              PS:       YES, I want ALL to KNOW I enjoy my new car...,DrumDrum


                United States
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                February 18, 2008
                710 Posts
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                Posted: July 21, 2008, 9:17 pm - IP Logged

                Depends on the person I guess. The examples stated to be positive, make no promises, wear your "Sunday best," act as though the cameras/microphones are on you from the time you walk in until you get back to the car, do not use profanity or slang, make derogatory or slanderous comments, project your voice clearly and loudly so everyone in the press hall hears you, be polite and helpful to the press, hold and display promotional checks correctly, etc.

                 

                Most common sense, but still good information to know and rehearse. May seem easy now, but unless you are used to public speaking (luckily I am) it could prove to be very tough and nerve-wracking. So the more you practice the easier it will be and will flow smoothly without you fumbling around with your words. Projecting confindence will also minimize security risks, as no one wants to mess with anyone who seems to know what they are doing and talking about.

                Hell,I gotta take a pass on what your books says.I don't own any "Sunday best" clothes.Do ya s'pose they'd let me wear cut off jeans and a carshow t-shirt?I cuss up a storm in mixed company and will probably let lose with a few choice words out of habit.Do ya s'pose they'll bleep out what I say?When they ask me what I'm going to do with all that money,I'll probably say something like "any damn thing I want,why the f*** do you ask?".Hell,if I act like my normal self I'll turn their required press conference upside down.I'll have enough money to pay any fine and/or fight any charges that might be filed against me for my language.Damn,I can't wait to win!Maybe my actions will force them to do away with press conferences and allow winners to remain anonymous.HyperDanceBananaHurray!

                  psykomo's avatar - animal shark.jpg

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                  Posted: July 21, 2008, 9:39 pm - IP Logged

                  Hell,I gotta take a pass on what your books says.I don't own any "Sunday best" clothes.Do ya s'pose they'd let me wear cut off jeans and a carshow t-shirt?I cuss up a storm in mixed company and will probably let lose with a few choice words out of habit.Do ya s'pose they'll bleep out what I say?When they ask me what I'm going to do with all that money,I'll probably say something like "any damn thing I want,why the f*** do you ask?".Hell,if I act like my normal self I'll turn their required press conference upside down.I'll have enough money to pay any fine and/or fight any charges that might be filed against me for my language.Damn,I can't wait to win!Maybe my actions will force them to do away with press conferences and allow winners to remain anonymous.HyperDanceBananaHurray!

                  HELL>>>>>>MM51:
                  even psyko does not know wathhaa tonk'in????????BOUT>>>>>>BUT^^^

                  I RESPECT every WORD IF U SAY-IT >>>>>>>>>>>>>>>>>>>>>>>>>>>>

                  CAUSE, YOU have researched PSYKOMO>>>>>>>and>>KNOW A WINNER>

                  LOL

                  PSYKOMO


                    United States
                    Member #58528
                    February 18, 2008
                    710 Posts
                    Offline
                    Posted: July 21, 2008, 9:51 pm - IP Logged

                    HELL>>>>>>MM51:
                    even psyko does not know wathhaa tonk'in????????BOUT>>>>>>BUT^^^

                    I RESPECT every WORD IF U SAY-IT >>>>>>>>>>>>>>>>>>>>>>>>>>>>

                    CAUSE, YOU have researched PSYKOMO>>>>>>>and>>KNOW A WINNER>

                    LOL

                    PSYKOMO

                    I guess that makes even,Psykomo.About 90% of the time I scratch my head at what you say.

                      psykomo's avatar - animal shark.jpg

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                      Posted: July 21, 2008, 10:06 pm - IP Logged

                      I guess that makes even,Psykomo.About 90% of the time I scratch my head at what you say.

                      TT U MaddMike 51:

                      WE respect U & the LP>>>>>>>>>>and I AM (IN) a studio tonite>>>>>try'in to make a HIT for UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU!!!!!!?????

                      SORRY<<<<<<YOU R anyone get's FLUSTRATED'ed to ANY PSYKOMO POST!!!

                      WE PLAY the LOTTERY from TIME to TIME>>>>BUT wish all LP memer's>>>>

                      LUCK>>>>>>$$$$$$$$$$$$

                      PSYKOMO

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                        Pasadena MD
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                        July 16, 2008
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                        Posted: July 21, 2008, 10:27 pm - IP Logged

                        I do not know the full ramifications of the gift tax but I do know some items pertaining to your question.

                        The IRS keeps record of any dollar amount being removed, deposited, and transferred around which is 10,000 and over. I have received large sums of money, more than 10,000 and more than 13,000,  from relatives and offshore locations and the bank adds a line to my transfers which says gift on it.

                        They have know way to tell if you bought a bunch of items and gave them to someone as gifts.

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                          Pasadena MD
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                          Posted: July 21, 2008, 10:32 pm - IP Logged

                          I would personally place my money offshore in one of the many ways which will create a tax vacuum as I call it, that is where no taxes may go and no taxes may reach your money. But don't ask me how to do it, I let my attorney and accountants do that. I of course watch every penny or the equivalent for the location it is stored.

                            DC81's avatar - batman39
                            MI
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                            Posted: July 22, 2008, 1:58 am - IP Logged

                            Until the IRS looks into it and finds out, then you get a nice visit for tax evasion.

                             

                            I don't understand why people think they can beat the IRS, don't forget what branch of government was responsible for bringing down the Mafia while the others failed. Just pay whatever you owe (or might get back) and be done with it. Just don't follow where your money goes or you'll get a big headache from our government's stupidity and horrible spending issues.

                            You can't predict random.

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                              Pasadena MD
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                              Posted: July 22, 2008, 3:49 pm - IP Logged

                              Until the IRS looks into it and finds out, then you get a nice visit for tax evasion.

                               

                              I don't understand why people think they can beat the IRS, don't forget what branch of government was responsible for bringing down the Mafia while the others failed. Just pay whatever you owe (or might get back) and be done with it. Just don't follow where your money goes or you'll get a big headache from our government's stupidity and horrible spending issues.

                              It's not tax evasion if the money is foreign money, invested in foreign places, and not paid to an American.