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How Honest Are You?

Topic closed. 25 replies. Last post 8 years ago by trulyblessed.

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If you hit for an amount over $500 when do you go to the lottery office?

Go to several stores and collect $500 each [ 27 ]  [79.41%]
Go to the lottery offices [ 7 ]  [20.59%]
Total Valid Votes [ 34 ]  
Discarded Votes [ 4 ]  
Coin Toss's avatar - shape barbed.jpg
Zeta Reticuli Star System
United States
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January 17, 2006
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Posted: March 6, 2009, 2:16 am - IP Logged

Taking advantage of separate payouts doesn't mean anyone is dishonest.

In Illinois, when you play a Pick 3 playslip, for every game that was played you get a separate ticket.

That's almost implying they want you to cah them separately, no?

One of the attractions of the Pick 3 is it's not taxed.

Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

Lep

There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

    ThatScaryChick's avatar - x1MqPuM
    Idaho
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    Posted: March 6, 2009, 3:19 am - IP Logged

    Taking advantage of separate payouts doesn't mean anyone is dishonest.

    In Illinois, when you play a Pick 3 playslip, for every game that was played you get a separate ticket.

    That's almost implying they want you to cah them separately, no?

    One of the attractions of the Pick 3 is it's not taxed.

    I Agree! If I had multiple winning Pick 3 tickets, I would take them to different stores and cash them instead of all at once at the lottery office. I don't see it as being dishonest.

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

      Avatar
      NY
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      October 16, 2005
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      Posted: March 6, 2009, 5:35 am - IP Logged

      Thank you..... I've shown this post to the people I work with and they seem amazed that this can be done and it's all tax free if you do it separately. lol

      Sun Smiley

      What  part of Justx' post was confusing? It's not tax free, it's just not reported. That's not exactly a subtle distinction.

      The lotteries and the IRS both know that most people would rather not report the income, and the lotteries seem to just nod and wink when small payments are  made at a lottery office, or multiple tickets that were obviously played together turn out to be winners. While even really small winnings are taxable, I suspect the IRS doesn't really have much interest in it, either. As a practical matter they know that very few people win more than they wager, and even if somebody comes out ahead this year, by next year they'll  probably be back to even or be back in the hole.

        Avatar
        Kentucky
        United States
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        February 14, 2006
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        Posted: March 6, 2009, 8:06 am - IP Logged

        Thank you..... I've shown this post to the people I work with and they seem amazed that this can be done and it's all tax free if you do it separately. lol

        Sun Smiley

        There is an option on the Ohio Lottery pick-3 bet slips that allows players to play any type of wager (straight, box, front pair, etc.) multiple times. It could be difficult cashing ten tickets the next day unless you know a store that has that much cash on hand or you may have to go to several stores.

          charmed7's avatar - Lottery-013.jpg
          MICHIGAN
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          September 22, 2008
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          Posted: March 6, 2009, 9:04 am - IP Logged

          anything over 500.00  u will have to go to the lottery office.

          i knew an older guy who played 1028 bx for $1.00 (50) times. I said WOW

          but he didn't pay any taxes.  1.00 bx is $208.  NO TAXES  How cool is that.

          U can just take your time and cash the tickets as needed.

            Jack-C's avatar - us
            San Diego, CA
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            May 24, 2008
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            Posted: March 6, 2009, 9:12 am - IP Logged

            anything over 500.00  u will have to go to the lottery office.

            i knew an older guy who played 1028 bx for $1.00 (50) times. I said WOW

            but he didn't pay any taxes.  1.00 bx is $208.  NO TAXES  How cool is that.

            U can just take your time and cash the tickets as needed.

            It is $600 not $500.  This is from the Michigan Lottery web site:

             

            Do I Have to Pay Taxes on My Winnings?
             
            Answer:

            All Michigan Lottery prizes are subject to federal, state and local income taxes.  The Lottery is required by law to report to the IRS all winnings greater than $600.  The Lottery is required by law to withhold estimated taxes at the rate of 25 percent (federal) and 4.35 percent (state) for any prize over $5,000 paid to a U.S. resident.  Winners of prizes greater than $600 will receive a W2-G form, detailing prize payment and taxes, in January to be filed with their yearly federal, state and local income taxes.  Non-U.S. residents winning prizes of greater than $600 are subject to a flat 30 percent estimated federal withholding rate as well as the 4.35 percent state withholding rate and will receive a 1042 form detailing prize payment and taxes in February.

              trulyblessed's avatar - yocco
              Durham, North Carolina
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              February 23, 2008
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              Posted: March 6, 2009, 5:44 pm - IP Logged

              NC Pick 3 currenly prints a ticket for each number you play separately. I've only seen one person on the winners page that cashed in a pick 3 at the lottery office. That was when we first got pick 3 and this person was from NJ!!!! They took 2 $500 tickets to the NC lottery office to cash it in.

              I think that if you were to win $2000 in pick 3 it's ok to cash them in at separate places. Honesty comes when you do your taxes. You are suppose to report any income you made no matter where it came from.

              Lovies

                Kidzmom's avatar - cold
                NC
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                February 23, 2005
                1233 Posts
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                Posted: March 7, 2009, 10:29 am - IP Logged

                Taking advantage of separate payouts doesn't mean anyone is dishonest.

                In Illinois, when you play a Pick 3 playslip, for every game that was played you get a separate ticket.

                That's almost implying they want you to cah them separately, no?

                One of the attractions of the Pick 3 is it's not taxed.

                In the state of NC they want their money and if they find out you collected that way without paying taxes on it then you will be in trouble.  We pay the highest taxes around....welll maybe not as much as California but we are waaaaaaaaaay up there.

                Be kind to a stranger because you never know when you are talking to an angel.Blue Angel

                 

                KZM

                  Kidzmom's avatar - cold
                  NC
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                  February 23, 2005
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                  Posted: March 7, 2009, 10:37 am - IP Logged

                  What  part of Justx' post was confusing? It's not tax free, it's just not reported. That's not exactly a subtle distinction.

                  The lotteries and the IRS both know that most people would rather not report the income, and the lotteries seem to just nod and wink when small payments are  made at a lottery office, or multiple tickets that were obviously played together turn out to be winners. While even really small winnings are taxable, I suspect the IRS doesn't really have much interest in it, either. As a practical matter they know that very few people win more than they wager, and even if somebody comes out ahead this year, by next year they'll  probably be back to even or be back in the hole.

                  It is tax free if you don't pay taxes on it because #1. No paperwork is done so you will be taxed.  And not it's not the lottery office that's not reporting it, its you not reporting it.  So how would they know to tax you?

                  Be kind to a stranger because you never know when you are talking to an angel.Blue Angel

                   

                  KZM

                    Kidzmom's avatar - cold
                    NC
                    United States
                    Member #11741
                    February 23, 2005
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                    Posted: March 7, 2009, 10:39 am - IP Logged

                    NC Pick 3 currenly prints a ticket for each number you play separately. I've only seen one person on the winners page that cashed in a pick 3 at the lottery office. That was when we first got pick 3 and this person was from NJ!!!! They took 2 $500 tickets to the NC lottery office to cash it in.

                    I think that if you were to win $2000 in pick 3 it's ok to cash them in at separate places. Honesty comes when you do your taxes. You are suppose to report any income you made no matter where it came from.

                    I Agree!

                    TB, I think a lot of ppl are getting confused or maybe I am confused Oogle but it seems as, If they do a playslip and chose 568 on a $5.00 ticket, Its like they get 1 ticket for 568 X 5 times or something.

                    You are right, b/c in NC if you mark your ticket 568 in each play area then you get 5 separate tickets and that way you can take them to different stores to collect. 

                     

                    KM

                    Be kind to a stranger because you never know when you are talking to an angel.Blue Angel

                     

                    KZM

                      trulyblessed's avatar - yocco
                      Durham, North Carolina
                      United States
                      Member #58710
                      February 23, 2008
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                      Posted: March 7, 2009, 12:23 pm - IP Logged

                      I Agree!

                      TB, I think a lot of ppl are getting confused or maybe I am confused Oogle but it seems as, If they do a playslip and chose 568 on a $5.00 ticket, Its like they get 1 ticket for 568 X 5 times or something.

                      You are right, b/c in NC if you mark your ticket 568 in each play area then you get 5 separate tickets and that way you can take them to different stores to collect. 

                       

                      KM

                      Some states do separate tickets, some don't.

                      Lovies