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CA Lottery - California Love - CA Lottery Scratchers

Topic closed. 2718 replies. Last post 1 year ago by CAScratcher20.

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Posted: May 2, 2014, 2:54 pm - IP Logged

I think the biggest tax consideration for us in California after hopefully living a healthy 25 years is, "will California continue to exempt lottery winnings from state taxes for the next 25 years"?  I'm not so sure.  Also, there's the uncertainly with future Federal tax rates over that period.

New Jersey started to tax lottery winners for the first time in 2009, and they retroactively taxed winners that won lottery money prior to when the law went into effect (for that calendar year).  There's precedent for this kinda of stuff.

We are fortunate CA does not take any state tax (of a whopping 9.3%) for gambling (W2G) winnings, but you are right about how we cannot control whether in the next 25 years if the state will collect taxes.

$5000 a week amounts to $260k a year which is within the 2nd highest tax bracket, even a median wage occupation added to that income will be below the top tax bracket.

The lump sum will be subject to the highest tax bracket. I like to think around the numbers, but that is what I had in mind if the winner can stay healthy for 25 years.

    mrcraft's avatar - images3lp4 zps7dbb4a10.jpg
    Los Angeles, California
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    Posted: May 2, 2014, 4:18 pm - IP Logged

    We are fortunate CA does not take any state tax (of a whopping 9.3%) for gambling (W2G) winnings, but you are right about how we cannot control whether in the next 25 years if the state will collect taxes.

    $5000 a week amounts to $260k a year which is within the 2nd highest tax bracket, even a median wage occupation added to that income will be below the top tax bracket.

    The lump sum will be subject to the highest tax bracket. I like to think around the numbers, but that is what I had in mind if the winner can stay healthy for 25 years.

    True.  I think for me, I'd take the cash option if I win big, and take the annuity if I win the second time around for the guaranteed income stream.

    Two big if's...

      Jon D's avatar - calotterylogo
      Los Angeles, California
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      Posted: May 3, 2014, 11:20 am - IP Logged

      True.  I think for me, I'd take the cash option if I win big, and take the annuity if I win the second time around for the guaranteed income stream.

      Two big if's...

      They posted the $5 LL winner, and he made the news too! (San Diego, strike one for SoCal)

      http://www.calottery.com/win/winner%20stories/kevin-boson

      And he's going to take the annuity. Not a bad option, as he's retired and this will give him steady income stream that falls well under the top tax bracket.

        mrcraft's avatar - images3lp4 zps7dbb4a10.jpg
        Los Angeles, California
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        Posted: May 3, 2014, 1:21 pm - IP Logged

        I was updating my spreadsheet and noticed there was a $5 million winner since the last time I checked earlier in the week.  Congrats to that person!

        Also, the store I frequent sold a $25K ticket on the same game two days ago.  That was cool to see a picture of it.  I forgot to look at the ticket number.  I'll check when I buy my SLP later today.  It was a number match with the second number, top row.

          mrcraft's avatar - images3lp4 zps7dbb4a10.jpg
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          Posted: May 3, 2014, 4:43 pm - IP Logged

          I was updating my spreadsheet and noticed there was a $5 million winner since the last time I checked earlier in the week.  Congrats to that person!

          Also, the store I frequent sold a $25K ticket on the same game two days ago.  That was cool to see a picture of it.  I forgot to look at the ticket number.  I'll check when I buy my SLP later today.  It was a number match with the second number, top row.

          It was ticket number -011.  "39" was the matching number.

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            Posted: May 3, 2014, 4:56 pm - IP Logged

            It was ticket number -011.  "39" was the matching number.

            Speaking of that game, the 7th top prize is off the board

            I doubled up SLP tonight, 54 QP with 1-27 mega number twice each.

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              LA CA
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              Posted: May 4, 2014, 1:44 am - IP Logged

              Got 3 $10 Diamonds and just won a ticket...

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                Posted: May 4, 2014, 11:55 pm - IP Logged

                Picked up a black yesterday in Seal Beach at some tiny dump market.  Thing was just sitting in a drawer as last ticket. 

                10X $10 for $100

                Ticket #026

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                  San Fran
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                  Posted: May 5, 2014, 2:00 pm - IP Logged

                  I was planning on picking up a bunch of the $20 Jackpots this week but a TP was claimed.  Might grab Diamands or Golds, anyone know what tickets are due for TP?

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                    Posted: May 5, 2014, 2:27 pm - IP Logged

                    I was planning on picking up a bunch of the $20 Jackpots this week but a TP was claimed.  Might grab Diamands or Golds, anyone know what tickets are due for TP?

                    The Bonus Crosswords are. I'd load up on those if SLP jackpot was reset.

                    Roughly 15-16% of the tickets are sold, and only 1 out of 17 TP are claimed (5.88%)

                    So its close to being 2 TPs behind sales.

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                      San Fran
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                      Posted: May 5, 2014, 2:29 pm - IP Logged

                      The Bonus Crosswords are. I'd load up on those if SLP jackpot was reset.

                      Roughly 15-16% of the tickets are sold, and only 1 out of 17 TP are claimed (5.88%)

                      So its close to being 2 TPs behind sales.

                      Thanks!   I didnt think of the Bonus Xword.  I'll let you know how it goes.

                        mrcraft's avatar - images3lp4 zps7dbb4a10.jpg
                        Los Angeles, California
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                        Posted: May 6, 2014, 11:13 pm - IP Logged

                        I am sure that the lack of Diamond Millionaire is due to CALottery promoting the CA Black games. More Black tickets are printed than Diamond millionaire.

                        But if the Diamond Millionaire were to end early and have a 2nd chance draw earlier, I would not mind that happening.

                        You're right.  Diamond Millionaire will end next month with more than half of the top prizes still available.

                        Interesting that none of the LFL series or 20X Crossword is ending...

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                          LA CA
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                          Posted: May 7, 2014, 9:52 am - IP Logged

                          You're right.  Diamond Millionaire will end next month with more than half of the top prizes still available.

                          Interesting that none of the LFL series or 20X Crossword is ending...

                          where did you find the Diamonds ending next month?

                            mrcraft's avatar - images3lp4 zps7dbb4a10.jpg
                            Los Angeles, California
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                            Posted: May 7, 2014, 10:21 am - IP Logged

                            where did you find the Diamonds ending next month?

                            On the 2nd chance draws & prizes page, it now has a code submission deadline of 8/19/2014.  It's also found on the scratchers page after using the "Games ending soon" filter.

                              green sandals's avatar - bxvg
                              Costa Mesa
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                              Posted: May 7, 2014, 11:32 am - IP Logged

                              Bye bye Diamond.  With less than 50% of GPs claimed, we never got a chance to know you.

                              Slim pickings for June as far as new scratchers.  A $1, $3, & $5 game are the only ones coming out.

                              cakittery June Scratcher games

                                 
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