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Lottery Payment Calculators

Topic closed. 8 replies. Last post 4 years ago by Stack47.

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United States
Member #130815
July 25, 2012
1636 Posts
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Posted: September 6, 2012, 4:44 pm - IP Logged

Found two web sites that will give the annunity and lump sum payouts in your state...

GGuldens.org is listed the standard tax amounts in the table already so all you do is put in the lottery prize amount and hit calculate...

usamega.com/powerballjackpot.asp...lists each state's payout of the current lottery prize and if you want the annunity you just click on the button below you state that says annunity.

 

I thought it was neat just instantly finding out how much I will take home when I win LOL!!! Just wanted to share with you all in case you want to check it out if you never have tried these sites before...So have fun with them...

    haymaker's avatar - Lottery-012.jpg
    Egg Harbor twp.south Jersey shore
    United States
    Member #112968
    June 29, 2011
    3854 Posts
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    Posted: September 6, 2012, 4:48 pm - IP Logged

    Well thanks for the 1st one, but the usamega has a link in the left column right here,

    I think most know about.

    Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

      zinniagirl's avatar - flower avatar_0026.jpg
      nc
      United States
      Member #99520
      October 26, 2010
      375 Posts
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      Posted: September 7, 2012, 12:44 am - IP Logged

      Just remember that they are only taking a portion of the taxes at that time.   The IRS collects 25% upfront, but as of right now you owe another 10%.  North Carolina collects 7% upfront but you still owe another 1% as of right now.   Just something to keep in mind.....   Good luck.   I hope you win your heart's desire.

        Colt45ML's avatar - 4eyes
        Jawja
        United States
        Member #87469
        February 25, 2010
        109 Posts
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        Posted: September 7, 2012, 8:19 am - IP Logged

        Just remember that they are only taking a portion of the taxes at that time.   The IRS collects 25% upfront, but as of right now you owe another 10%.  North Carolina collects 7% upfront but you still owe another 1% as of right now.   Just something to keep in mind.....   Good luck.   I hope you win your heart's desire.

        Just another reason to hire a good tax lawyer and an accountant if you win a big jackpot.  Usually they can recoup the lion's share of that 10% gap.

        Be sassy and be happy.

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          NASHVILLE, TENN
          United States
          Member #33372
          February 20, 2006
          1044 Posts
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          Posted: September 7, 2012, 9:32 am - IP Logged

          Just remember that they are only taking a portion of the taxes at that time.   The IRS collects 25% upfront, but as of right now you owe another 10%.  North Carolina collects 7% upfront but you still owe another 1% as of right now.   Just something to keep in mind.....   Good luck.   I hope you win your heart's desire.

          You can avoid owing more taxes later in the year by deducting the full 35% up front.  Later, after H&R Block files your taxes, you should get a hefty refund.   The same works at the state level.

          Now the trick is to win that first and only million dollar jackpot.

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            Kentucky
            United States
            Member #32652
            February 14, 2006
            7308 Posts
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            Posted: September 7, 2012, 6:14 pm - IP Logged

            Just another reason to hire a good tax lawyer and an accountant if you win a big jackpot.  Usually they can recoup the lion's share of that 10% gap.

            The average lottery player probably makes under $30,000 a year so we can rule out gambling expenses equally the size of the jackpot as a deduction.

            "Usually they can recoup the lion's share of that 10% gap."

            Yep, they can donate a couple million to their favorite charity as a deduction and probably eat up most of the 10%. The problem is at the end of the day, they are still out the $2 million. I agree getting a good CPA to fill out the tax forms is a must and maybe a tax attorney for the future, but there really aren't very many deductions the average person can have without spending about the same amount for the first payment of jackpot prize.

              haymaker's avatar - Lottery-012.jpg
              Egg Harbor twp.south Jersey shore
              United States
              Member #112968
              June 29, 2011
              3854 Posts
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              Posted: September 7, 2012, 7:21 pm - IP Logged

              The average lottery player probably makes under $30,000 a year so we can rule out gambling expenses equally the size of the jackpot as a deduction.

              "Usually they can recoup the lion's share of that 10% gap."

              Yep, they can donate a couple million to their favorite charity as a deduction and probably eat up most of the 10%. The problem is at the end of the day, they are still out the $2 million. I agree getting a good CPA to fill out the tax forms is a must and maybe a tax attorney for the future, but there really aren't very many deductions the average person can have without spending about the same amount for the first payment of jackpot prize.

              Stack47,

              I have to wonder if you could recoup some of the 25% withheld,  winnings are treated like paychecks, if you overpay you get a refund.

              If my tax acct. tells me I can get some of that back if i give it away, i'm inclined to give it away instead of pumping it down a gov't rathole.

              Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.


                United States
                Member #130815
                July 25, 2012
                1636 Posts
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                Posted: September 7, 2012, 7:45 pm - IP Logged

                Visit the sites....they have the taxes broken down for you. So have fun playing with it...which was my original reason for listing this post....Now go have fun....Don't overthink it now

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                  Kentucky
                  United States
                  Member #32652
                  February 14, 2006
                  7308 Posts
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                  Posted: September 8, 2012, 11:09 am - IP Logged

                  Stack47,

                  I have to wonder if you could recoup some of the 25% withheld,  winnings are treated like paychecks, if you overpay you get a refund.

                  If my tax acct. tells me I can get some of that back if i give it away, i'm inclined to give it away instead of pumping it down a gov't rathole.

                  If winnings were classified as capital gains, every winner would get a nice refund check. There are many investments a jackpot winner could make deferring or limiting how much in taxes, but the amount they spend on the investments comes off how much they won. I've always wondered what it be like to look at my W-2 with withholdings of $25 million and find out I still owed a few million more. But as problems go that's one problem I wouldn't mind having.

                  The players winning $5000 and under have much bigger problems because there is no withholdings and the winnings could put them into a higher tax bracket.