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What Prize Do You Focus On?

Topic closed. 36 replies. Last post 6 years ago by Delta Draw.

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Which wins do you focus on the most?

My focus is on Jack Pot Wins. [ 10 ]  [25.00%]
My focus is on Lower Tier Wins. [ 9 ]  [22.50%]
Any win is ok with me. [ 21 ]  [52.50%]
Total Valid Votes [ 40 ]  
Discarded Votes [ 1 ]  
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United States
Member #91313
May 15, 2010
141 Posts
Offline
Posted: July 5, 2010, 10:34 am - IP Logged

Question: Do I Have to Pay Taxes on Lottery Prizes Worth Less Than $600?

Answer: Yes. It's a common Lottery myth that prizes worth less than $600 are exempt from taxes. In the United States you have to pay taxes on all prizes, no matter what the value.

www.lotterypost.com/news/79646

Thanks Raven62 this fellow members keep forgetting about the tax code!

I Agree! you can probably get away cashing in a 500. p3 stra ticket in every store in your town at same time, I mean the same winning combination but your asking for trouble eventually the tax man will be up your alley asking for their share, when you walk in to a store there you are on camera! and it may just be a high defintion one....

If you want God to laugh, tell him your plans!

    Avatar
    New York,
    Panama
    Member #73078
    April 4, 2009
    3490 Posts
    Offline
    Posted: July 5, 2010, 10:42 am - IP Logged

    Thanks Raven62 this fellow members keep forgetting about the tax code!

    I Agree! you can probably get away cashing in a 500. p3 stra ticket in every store in your town at same time, I mean the same winning combination but your asking for trouble eventually the tax man will be up your alley asking for their share, when you walk in to a store there you are on camera! and it may just be a high defintion one....

    I Agree!We are in Agreement there!!   Always give the Uncle what belongs to the Uncle!!!  

    The Uncle have 0 tolerance for us small fry owing him, He needs our taxes so he can bail out the Banks!!!  What's the matter with us people!

    forget what "they" say about youWhat you say about you?...

    Now, does it count??

     

     

    *Jr$ina

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      United States
      Member #91313
      May 15, 2010
      141 Posts
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      Posted: July 5, 2010, 10:50 am - IP Logged

      Coin, with all due respect, sir!! I love to be insulted like that!! The more often the better!Hyper

      I agree with you and love it getting insulted all the time with the smaller tier winnings, I lost count reallyHyper

      If you want God to laugh, tell him your plans!

        Avatar
        New York,
        Panama
        Member #73078
        April 4, 2009
        3490 Posts
        Offline
        Posted: July 5, 2010, 11:10 am - IP Logged

        I agree with you and love it getting insulted all the time with the smaller tier winnings, I lost count reallyHyper

        W.T.G. Mastermind!!!  That is What we are talking about! I am waiting to be insulted again!!  W .T G Mastermind!!BananaBananaBananaDanceBananaBananaBananaParty

        forget what "they" say about youWhat you say about you?...

        Now, does it count??

         

         

        *Jr$ina


          United States
          Member #81843
          October 31, 2009
          856 Posts
          Offline
          Posted: July 5, 2010, 12:20 pm - IP Logged

          To me the idea is to win a jackpot.

          Exept for the 5 + 0 and 4 + 1 prizes in Powerball and Mega Millions, the rest of the lower tier prizes come close to being insults.

          The 5 of 6 prizes in Pixk 6 games are jokes. As an example, the odds against 4 + 0 in Powerball are 1:19,030 and it pays a whopping $100.

          The lotteries know that most of the lower tier prizes except for 5 + 0 and 4 + 1 go right back into the lottery.

          Hey CT, how insulted do you get looking at your ledger of win/loss/? This is an honest question, you don’t have to get upset and nancy over it and run to your insanity thread and retaliate.

          Why would someone even be so full of themselves to say that they would not accept a win of any amount? Do you throw your $1.00 crackpot-jackpot wins away? Are you too good for that? Time and again you put  down on one number and lose while some other player is making steady gains.

          That's the way to play, Jay.

          Put it in you hand, Stan.

          Take it to the bank, Hank.

           Get a new ride, Clide.

          D

          D

            bigdaddy's avatar - aviator2 1.jpg
            BETWEEN OAKRIDGE AND WRIGHT-PATTERSON AFB
            United States
            Member #1647
            June 10, 2003
            2354 Posts
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            Posted: July 5, 2010, 2:48 pm - IP Logged

            My focus is on the lower tier prizes because:

            All wins less than $600 are tax free and I can receive cash from my local retailer.

            All wins a million dollars or less I can go to my local office and get a check for the full amount.

            It's the lower tier wins that pulls our perverbial irons out of the fire. It's the lower tier wins that bridges the gap of check to check. It's the jackpot wins that seems to bring grief and headaches to the forefront.

            When you get those lower tier wins the odds of a someone expecting you to pay their bills are low because one of the first things we do with that money is pay on our bills or treat ourselves.

            But get a jackpot win, now you have to make changes in your life that may not make you too happy.

            TENN PICK 4 BOXED WIN,I STACK THEM AND WIN $1000'S DAILY ALL TAX FREE UNTRACEABLE...Group HugCheers

            Relax,Bigdaddy has your number!!!!!

            Pi is the way...

            turning $30 or less into thousands everyday!!

            here we go steelers ..here we go---------stairway to seven 

            TIME FOR THE LOMBARDI TROPHY TO  COME  HOME..


              United States
              Member #81843
              October 31, 2009
              856 Posts
              Offline
              Posted: July 5, 2010, 3:35 pm - IP Logged

              TENN PICK 4 BOXED WIN,I STACK THEM AND WIN $1000'S DAILY ALL TAX FREE UNTRACEABLE...Group HugCheers

              .... In his face, Ace!

              DD

                Avatar
                New York,
                Panama
                Member #73078
                April 4, 2009
                3490 Posts
                Offline
                Posted: July 5, 2010, 6:06 pm - IP Logged

                Hey CT, how insulted do you get looking at your ledger of win/loss/? This is an honest question, you don’t have to get upset and nancy over it and run to your insanity thread and retaliate.

                Why would someone even be so full of themselves to say that they would not accept a win of any amount? Do you throw your $1.00 crackpot-jackpot wins away? Are you too good for that? Time and again you put  down on one number and lose while some other player is making steady gains.

                That's the way to play, Jay.

                Put it in you hand, Stan.

                Take it to the bank, Hank.

                 Get a new ride, Clide.

                D

                D

                "That's the way to play, jay : Put it in your hand, Stan.  Take it to the bank,  hank.  Get a new ride, Clide."

                Isn't this from  an old song "50 ways to leave your Lover" or to lose your lover???   Yes, I remember that song!

                So this can be applied to  "50 ways to  get your winners!"? With Pick-3 and Pick4

                forget what "they" say about youWhat you say about you?...

                Now, does it count??

                 

                 

                *Jr$ina

                  Avatar
                  Monkey Butt, USA
                  United States
                  Member #54569
                  August 23, 2007
                  1124 Posts
                  Offline
                  Posted: July 5, 2010, 8:29 pm - IP Logged

                  Question: Do I Have to Pay Taxes on Lottery Prizes Worth Less Than $600?

                  Answer: Yes. It's a common Lottery myth that prizes worth less than $600 are exempt from taxes. In the United States you have to pay taxes on all prizes, no matter what the value.

                  www.lotterypost.com/news/79646

                  Myth or not if, I only have to pay taxes on the money reported to the IRS. If all income was to be reported to then every cent you receive, loan from a friend, bank, payday loan, money from cashing in cans, money found on the ground, all money received from scratch offs that are $599 and less, prizes won at the (church-school-job) raffle, money you get for your birthday-holidays, gas money given for giving someone a ride, everything, should be listed on the income tax as income.

                  Do we do this? Heeeeeeeeeeeeelllllllllll no!!! Why? Because as far as a lot of us are concerned, realisticly, I only intend to pay what was reported to the tax man. And I seriously doubt that he will spend all of his time and resources backtracking in my pathetic, empty, boring, vapid, wasteland of a life to see what I've been up to.

                  My goal is to focus on the lower tier prizes in the jackpot games. Because as far as I am concerned those $150's add up. Plus those $48 $20 come in handy when I'm in need for some gas money, lunch money for the kiddies, or middle of the payperiod grocery money.

                  When I play Pick 3 and Pick 4 my focus is the $500 prize and the $5,000 prize.

                  When I win my $342 million, will I claim it?  You betch your grilled cheese sammich I will. But until I get my number selecting skills to a level where I am hitting to my satisfaction, I'll shoot for the lower tier prizes to build up the gambling fund.

                    Avatar
                    Monkey Butt, USA
                    United States
                    Member #54569
                    August 23, 2007
                    1124 Posts
                    Offline
                    Posted: July 5, 2010, 8:52 pm - IP Logged

                    Thanks Raven62 this fellow members keep forgetting about the tax code!

                    I Agree! you can probably get away cashing in a 500. p3 stra ticket in every store in your town at same time, I mean the same winning combination but your asking for trouble eventually the tax man will be up your alley asking for their share, when you walk in to a store there you are on camera! and it may just be a high defintion one....

                    So does this mean thatyou report everything to the IRS? I didn't forget about the tax code. I've been an avid participant in the lottery here in TX since Pick 3 started 10-25-1993. There have been times where I won quite a bit and there has been times where I've won a little.

                    I am a firm believer of the don't ask don't tell. If asked I have no problem telling. But I've no intention of announcing it. And if they decide that I owe then I'll pay.

                    In June of 2008, there was a man here in my area that won $50,000 on Pick 3. How do I know? Because the store clerk that sold the tickets told us. How did he know? Because the man came in and cashed in one of the winning tickets and they discussed how he (winner) was going to cash in his tickets. Pluc the cashier remembered the man because of the unusual purchase. Just like I am remembered when I do certain transactions. From what I understand the man preplanned how he was going to cash in the tickets and not have to make the trip to the local office. Can't say that I blame him.

                    His game plan was first purchase a certain amount of tickets from various places then cash the winners at certain places over a designated time.

                    Can't say that I blame him because, each ticket was within the no w2 form required limit.  

                    Odd how tax payers have no problem getting all excited over a refund check during the tax season, but not one time have you ever heard of anyone demanding interest on the money they overpaid. Yet when you are required to pay taxes you always find yourself paying loanshark type interest to the IRS on the money you were overpaid during the year.

                    Go figure.


                      United States
                      Member #81843
                      October 31, 2009
                      856 Posts
                      Offline
                      Posted: July 5, 2010, 11:14 pm - IP Logged

                      Low income or no income people can earn just under $10,000 before they have to file taxes. Don’t know about the individual state’s tax laws but that is a Federal outline. In fact, the IRS does not want you to file if you are not eligible.

                      DD

                        RJOh's avatar - chipmunk
                        mid-Ohio
                        United States
                        Member #9
                        March 24, 2001
                        19831 Posts
                        Offline
                        Posted: July 5, 2010, 11:38 pm - IP Logged

                        So does this mean thatyou report everything to the IRS? I didn't forget about the tax code. I've been an avid participant in the lottery here in TX since Pick 3 started 10-25-1993. There have been times where I won quite a bit and there has been times where I've won a little.

                        I am a firm believer of the don't ask don't tell. If asked I have no problem telling. But I've no intention of announcing it. And if they decide that I owe then I'll pay.

                        In June of 2008, there was a man here in my area that won $50,000 on Pick 3. How do I know? Because the store clerk that sold the tickets told us. How did he know? Because the man came in and cashed in one of the winning tickets and they discussed how he (winner) was going to cash in his tickets. Pluc the cashier remembered the man because of the unusual purchase. Just like I am remembered when I do certain transactions. From what I understand the man preplanned how he was going to cash in the tickets and not have to make the trip to the local office. Can't say that I blame him.

                        His game plan was first purchase a certain amount of tickets from various places then cash the winners at certain places over a designated time.

                        Can't say that I blame him because, each ticket was within the no w2 form required limit.  

                        Odd how tax payers have no problem getting all excited over a refund check during the tax season, but not one time have you ever heard of anyone demanding interest on the money they overpaid. Yet when you are required to pay taxes you always find yourself paying loanshark type interest to the IRS on the money you were overpaid during the year.

                        Go figure.

                        In June of 2008, there was a man here in my area that won $50,000 on Pick 3. How do I know? Because the store clerk that sold the tickets told us. How did he know? Because the man came in and cashed in one of the winning tickets and they discussed how he (winner) was going to cash in his tickets.

                        Are you saying the guy had 100 tickets worth $500 each?  Or can you cash a ticket larger than $600 at a store that sells tickets in Texas?

                         * you don't need to buy more tickets, just buy a winning ticket * 
                           
                                     Evil Looking       


                          United States
                          Member #81843
                          October 31, 2009
                          856 Posts
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                          Posted: July 6, 2010, 12:08 am - IP Logged

                          Somebody in my state had 200 tickets worth $500.00 each.

                          DD

                            ttech10's avatar - blobdude
                            Texas
                            United States
                            Member #92330
                            June 5, 2010
                            887 Posts
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                            Posted: July 6, 2010, 3:18 am - IP Logged

                            In June of 2008, there was a man here in my area that won $50,000 on Pick 3. How do I know? Because the store clerk that sold the tickets told us. How did he know? Because the man came in and cashed in one of the winning tickets and they discussed how he (winner) was going to cash in his tickets.

                            Are you saying the guy had 100 tickets worth $500 each?  Or can you cash a ticket larger than $600 at a store that sells tickets in Texas?

                            Anything won in Texas between $600-$1,000,000 must be claimed at a local claim center (if they have one) or the Lottery Commission in Austin. Only tickets $599 or less can be claimed at an actual store.

                             

                            Found that a while back when looking to see if they had a claims office in the city I live. I'm guessing the guy had multiple big winners.

                              RJOh's avatar - chipmunk
                              mid-Ohio
                              United States
                              Member #9
                              March 24, 2001
                              19831 Posts
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                              Posted: July 6, 2010, 1:29 pm - IP Logged

                              Somebody in my state had 200 tickets worth $500.00 each.

                              DD

                              For someone to play 100-200 pick3 tickets with the same numbers doesn't seem like much of a strategy to me, but I guess when they get lucky it's a good one.

                               * you don't need to buy more tickets, just buy a winning ticket * 
                                 
                                           Evil Looking