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About Taxes

Topic closed. 6 replies. Last post 8 years ago by grandpajohn.

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grandpajohn's avatar - Lottery-050.jpg
williamsburg,ohio
United States
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February 17, 2009
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Posted: May 26, 2009, 2:13 pm - IP Logged

I was thinking yesterday about the powerball being up to $222 million and was thinking of maybe getting my son to go cross the river from his girl friends into Ky and playing some numbers for me.I think I am right on this but wanted to be sure about this.Lets say if I would get lucky enough and win it I know I would have to pay the fed tax and Ky taxes but since I live in Ohio I would also pay Ohio taxes on the winnings? I am sure i do but wanted to be sure on that.Sorry if this has been asked before.

"Don't Give Up.Don't Ever Give Up"

Jim Valvano ex N.C.State basketball coach Thumbs Up


    United States
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    February 18, 2008
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    Posted: May 26, 2009, 3:13 pm - IP Logged

    I was thinking yesterday about the powerball being up to $222 million and was thinking of maybe getting my son to go cross the river from his girl friends into Ky and playing some numbers for me.I think I am right on this but wanted to be sure about this.Lets say if I would get lucky enough and win it I know I would have to pay the fed tax and Ky taxes but since I live in Ohio I would also pay Ohio taxes on the winnings? I am sure i do but wanted to be sure on that.Sorry if this has been asked before.

    A lot of states have reciprocating tax agreements with neighboring states.This is so people that live in one state but work in another state don't pay taxes in both states.Lottery winnings may or may not fall under these agreements because of the amount of money involved.Check with a tax specialist to find out where your state and KY stand on this issue.

      GamerMom's avatar - tails

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      Posted: May 26, 2009, 3:36 pm - IP Logged

      also...since you are not the one buying the ticket bodily you have to be careful.  I have heard that if I have a winning ticket and I give it to someone else and they claim it, that will be considered a gift and I have to pay taxes on it.  I'm not sure exactly how true that is but i would not put anything past the IRS.

        grandpajohn's avatar - Lottery-050.jpg
        williamsburg,ohio
        United States
        Member #71029
        February 17, 2009
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        Posted: May 26, 2009, 5:43 pm - IP Logged

        also...since you are not the one buying the ticket bodily you have to be careful.  I have heard that if I have a winning ticket and I give it to someone else and they claim it, that will be considered a gift and I have to pay taxes on it.  I'm not sure exactly how true that is but i would not put anything past the IRS.

        Don't thank I would have a problem there. I'll be paying for the ticket and even before it is drawn I will have the ticket in my hands.Plus if i was so lucky in winning it I would be the one claiming it.

        "Don't Give Up.Don't Ever Give Up"

        Jim Valvano ex N.C.State basketball coach Thumbs Up

          unseen's avatar - 4eyes
          louisville, Ky
          United States
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          June 3, 2004
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          Posted: May 26, 2009, 6:52 pm - IP Logged

          hehe, I think the last thing I'm worried about if I hit the Powerball is which state I'll be paying taxes in.  Big Grin

            Todd's avatar - Cylon 2.gif
            Chief Bottle Washer
            New Jersey
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            Posted: May 26, 2009, 8:21 pm - IP Logged

            I was thinking yesterday about the powerball being up to $222 million and was thinking of maybe getting my son to go cross the river from his girl friends into Ky and playing some numbers for me.I think I am right on this but wanted to be sure about this.Lets say if I would get lucky enough and win it I know I would have to pay the fed tax and Ky taxes but since I live in Ohio I would also pay Ohio taxes on the winnings? I am sure i do but wanted to be sure on that.Sorry if this has been asked before.

            Check out the Powerball Jackpot Analysis page at USA Mega: http://www.usamega.com/powerball-jackpot.asp

            Not only will it give you the breakdown of taxes, but the substantial notes at the bottom of the page provide lots of extra info that may be useful. 

            Also, if you click the Powerball FAQ page at the same site, you find an answer to your specific question: http://www.usamega.com/powerball-faq.htm

             

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

             

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

              grandpajohn's avatar - Lottery-050.jpg
              williamsburg,ohio
              United States
              Member #71029
              February 17, 2009
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              Posted: May 27, 2009, 1:18 am - IP Logged

              Check out the Powerball Jackpot Analysis page at USA Mega: http://www.usamega.com/powerball-jackpot.asp

              Not only will it give you the breakdown of taxes, but the substantial notes at the bottom of the page provide lots of extra info that may be useful. 

              Also, if you click the Powerball FAQ page at the same site, you find an answer to your specific question: http://www.usamega.com/powerball-faq.htm

              Ok  thanks Todd

              "Don't Give Up.Don't Ever Give Up"

              Jim Valvano ex N.C.State basketball coach Thumbs Up