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OCScratchDevil

California
United States
Member #147,201
September 25, 2013
90 Posts
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Jun 26, 2014, 1:24 pm

Quote: Originally posted by beachbunny13 on Jun 26, 2014
Malloc good luck with going cold turkey. I believe you can do it.

A few friends who were die heart scratcher players and they have cut down. They are the type of player who play $100.00 or more at a time and play a couple of times per week. No way I could do that and win something less than $100.00 or a ticket. Someone posted about the odds for the WOF $5.00 game being like Cash Up.

I doubt people will play WOF for long once they start losing. I go to 7-11 for coffee most of the people I see are buying $1.00 tickets. I understand why the economy is bad and people don't have a lot of disposable income.

I think the reality with Scratchers is that you have to play them like you gamble in Las Vegas. It's entertainment first and foremost. I honestly feel no different emotionally when I go through a losing stretch than I did a week or so ago when I won $500 over several days(I only count $100+ winners). It's more like the rush that I enjoy. I can never figure out people for example who just scratch the code off and put it under the scanner to see if they win and never scratch the card at all. That's playing for all the wrong reasons. You aren't going to get rich off this activity most likely. You probably have better odds of getting hit by lightning than winning a TP on a scratcher.

I honestly think that the term "die hard scratcher" is scary especially when people are playing $100 at a time. That borders on a gambling problem especially if they experience the heavy mood swings as a result. Those people should take time off. Not being judgemental at all. We all have our vices but that can be psychologically and financially very damaging if it isn't under control.

You can have fun with it and the thrill of the chase is that you never know when you may hit. I have bought probably close to 5 $10 Wheel Of Fortune over 2 days and haven't won anything yet but it's fun to have a new game to play. I usually by 1 $10 LFL and one other game(Gold, Black but now it will be WOF) and far more often than not, I get at least a ticket out of the experience. Then again, I have had days when I have gone 0-4 after buying 4 tickets. It can get frustrating but it's those periods that you see to win every ticket is when it balances out.
beachbunny13

United States
Member #154,785
April 29, 2014
60 Posts
Offline

Jun 26, 2014, 2:52 pm

Quote: Originally posted by OCScratchDevil on Jun 26, 2014
I think the reality with Scratchers is that you have to play them like you gamble in Las Vegas. It's entertainment first and foremost. I honestly feel no different emotionally when I go through a losing stretch than I did a week or so ago when I won $500 over several days(I only count $100+ winners). It's more like the rush that I enjoy. I can never figure out people for example who just scratch the code off and put it under the scanner to see if they win and never scratch the card at all. That's playing for all the wrong reasons. You aren't going to get rich off this activity most likely. You probably have better odds of getting hit by lightning than winning a TP on a scratcher.

I honestly think that the term "die hard scratcher" is scary especially when people are playing $100 at a time. That borders on a gambling problem especially if they experience the heavy mood swings as a result. Those people should take time off. Not being judgemental at all. We all have our vices but that can be psychologically and financially very damaging if it isn't under control.

You can have fun with it and the thrill of the chase is that you never know when you may hit. I have bought probably close to 5 $10 Wheel Of Fortune over 2 days and haven't won anything yet but it's fun to have a new game to play. I usually by 1 $10 LFL and one other game(Gold, Black but now it will be WOF) and far more often than not, I get at least a ticket out of the experience. Then again, I have had days when I have gone 0-4 after buying 4 tickets. It can get frustrating but it's those periods that you see to win every ticket is when it balances out.

I understand your point of view. I personally wouldn't spend that much. I am a numbers type of person . I have to know what the odds are. When I buy a scratcher ticket I think of it as lost money. I do think of it as playing a game. Sometimes you lose and sometimes you win. I would never spend more than I can afford to lose.
CAScratcher20

United States
Member #147,157
September 24, 2013
507 Posts
Offline

Jun 26, 2014, 4:03 pm

I was a "die hardscratcher" player that played $100 at a time once or twice a week for the past few years and the outcome did not turn out to be pretty.

The motive to play Scratchers may have come since the economy has put a good amount of people in a horrible situation where risks are necessary to get out of it (the most common people want early retirement).

Vegas casinos plays out more like entertainment since its high paybacks and close to 50/50 chance of winning put you through a roller coaster ride for a period of time. Lottery games is more like donating to public education and lost money is instant.
beachbunny13

United States
Member #154,785
April 29, 2014
60 Posts
Offline

Jun 26, 2014, 5:25 pm

The First Lucky for Life games are ending

Games 800 ($1.00 game), 831 ($2.00 game), 832 ($5.00 game), 833 ($10.00 game)

California Gold (867)

5x Crossword (865)

Silver 7's (1104)

Chocolate (1106)

The last date for submission 10/21/14

Get ready to enter all your tickets into second chance
mrcraft

Los Angeles, California
United States
Member #149,484
December 2, 2013
919 Posts
Offline

Jun 26, 2014, 7:44 pm

Quote: Originally posted by beachbunny13 on Jun 26, 2014
The First Lucky for Life games are ending

Games 800 ($1.00 game), 831 ($2.00 game), 832 ($5.00 game), 833 ($10.00 game)

California Gold (867)

5x Crossword (865)

Silver 7's (1104)

Chocolate (1106)

The last date for submission 10/21/14

Get ready to enter all your tickets into second chance

Thanks for the heads-up.

That's a big batch, many high value games in there.

I'm surprised 836, pink tripling crossword, is still hanging around.
CAScratcher20

United States
Member #147,157
September 24, 2013
507 Posts
Offline

Jun 26, 2014, 9:37 pm

Quote: Originally posted by beachbunny13 on Jun 26, 2014
The First Lucky for Life games are ending

Games 800 ($1.00 game), 831 ($2.00 game), 832 ($5.00 game), 833 ($10.00 game)

California Gold (867)

5x Crossword (865)

Silver 7's (1104)

Chocolate (1106)

The last date for submission 10/21/14

Get ready to enter all your tickets into second chance

Also the 20X Crossword $10 game is ending, that game has all of its Top Prizes claimed.

So the CALottery will be giving out $8-13 million (depending if winners for LFL draws select weekly payments or not) in prizes that very day alone

$6.5 Million

$3.25 Million

$1.3 Million

650k Million

Gold $1 Million

20X Crossworld 750K

Silver 7's 77.7 K

Chocolate 10k

5x crossword 20k

Very historic, there will be an article for sure.
beachbunny13

United States
Member #154,785
April 29, 2014
60 Posts
Offline

Jun 26, 2014, 11:38 pm

Quote: Originally posted by CAScratcher20 on Jun 26, 2014
Also the 20X Crossword $10 game is ending, that game has all of its Top Prizes claimed.

So the CALottery will be giving out $8-13 million (depending if winners for LFL draws select weekly payments or not) in prizes that very day alone

$6.5 Million

$3.25 Million

$1.3 Million

650k Million

Gold $1 Million

20X Crossworld 750K

Silver 7's 77.7 K

Chocolate 10k

5x crossword 20k

Very historic, there will be an article for sure.

Thanks was so shocked I forgot the 20x cross word. I never thought they would end that many games at once.

Never thought about the total amount of money. I would be nervous that day. So many chances to win.

Does anyone know how much the taxes would be if you took the weekly payments? I am just curious. A girl can dream

Back to entering tickets :)
Chacha33

Pasadena, CA
United States
Member #153,317
March 13, 2014
186 Posts
Offline

Jun 26, 2014, 11:44 pm

Quote: Originally posted by beachbunny13 on Jun 26, 2014
Thanks was so shocked I forgot the 20x cross word. I never thought they would end that many games at once.

Never thought about the total amount of money. I would be nervous that day. So many chances to win.

Does anyone know how much the taxes would be if you took the weekly payments? I am just curious. A girl can dream

Back to entering tickets :)

Re: taxes, I would imagine whatever the California income tax rate/bracket is for $260,000, were you to take the annual installments. Somewhere around 35%, maybe? Combine that with any additional income you earn throughout the year. But I'm not sure if California considers lottery prizes as income; I've never won a prize over $599 to have to put on a freaking tax return. I do know that in Australia, winnings of any amount are tax free and is not considered income. Canada, too.
CAScratcher20

United States
Member #147,157
September 24, 2013
507 Posts
Offline

Jun 27, 2014, 12:00 am

Quote: Originally posted by beachbunny13 on Jun 26, 2014
Thanks was so shocked I forgot the 20x cross word. I never thought they would end that many games at once.

Never thought about the total amount of money. I would be nervous that day. So many chances to win.

Does anyone know how much the taxes would be if you took the weekly payments? I am just curious. A girl can dream

Back to entering tickets :)

As far as the Lucky for Life prizes goes it works the same like the jackpot draw games, the lump sum is the amount that is offered so for the $5 one its $1.9 million dollars. If weekly payments are chosen, the CALottery will take that $1.9 Million and purchase various saving bonds of varying lengths so that they can pay you for the 25 year period.

There are no state taxes in California (1 of 6 in the nation) for Gambling winnings, only Federal Tax. No Social Security or Medicare taxes.

Got this tax bracket data (percentage per dollar you have to pay within each bracket) from wikipedia.

So each year it is $130,000 at $2500 week for 52 weeks in a calendar year

Falls within the 28% tax bracket ($87,850 to $183,250), along with the 25% ($36250 to $87850), along with the 15% ($8925 to $36250) and the 10% (0 to $8925).

Each year the tax brackets increase with respect to inflation rates.

But if you take the lump sum at $1.9 million, it falls under the highest tax bracket

33% ($183250 to $398350), 35% ($398,350 to $400,000), and 39.6% for each dollar over $400,000

Thus not only do you get 65% of the potential amount, you will pay a chunk at the highest tax brackets ($1.5 million of the prize is taxed at 39.6%!!!)

Those that are great investors should take the lump sum, but other wise for the weekly sum, inflation over time will decrease what $2500 can buy every week. Also you must be in good health and stay alive for the 25 years to maximize the benefit. It can be inherited by another person should the winner deceases before the 25 year period, however the beneficiary does not pay the tax on per year basis, they pay the tax of the entire amount that is left to be paid out due to the IRS that very same year! Thus beneficiaries may have to arrange some other loans to pay off the tax first and then use some the weekly payments to pay off the debt.

Something to think about. That is the reason majority 90% of the Powerball winners chose the lump sum.
CAScratcher20

United States
Member #147,157
September 24, 2013
507 Posts
Offline

Jun 27, 2014, 12:19 am

I played 4 of the $10 WoF tonight and I also lost on all the tickets.

When entering replay, there is this random message where I got 50, 30, 20, 30 (130 total) entries for the 2nd chance draw. Not sure if this is randomly given out, or is to dilute the chances by lot for people who plan to play little?

The July Product Retail Plan is online for everyone to see, I saw in clear letters about the $20 Million $$ Match that states increased prizes within the $40 to $250 ranges, so they listened to player and retailer feedback. The Powerball and SuperLotto Promotion is for the month of July, 2 Powerball QP and 2 SLP QP for $5, so you save $1 off that combo purchase.
beachbunny13

United States
Member #154,785
April 29, 2014
60 Posts
Offline

Jun 27, 2014, 8:56 am

Quote: Originally posted by CAScratcher20 on Jun 27, 2014
As far as the Lucky for Life prizes goes it works the same like the jackpot draw games, the lump sum is the amount that is offered so for the $5 one its $1.9 million dollars. If weekly payments are chosen, the CALottery will take that $1.9 Million and purchase various saving bonds of varying lengths so that they can pay you for the 25 year period.

There are no state taxes in California (1 of 6 in the nation) for Gambling winnings, only Federal Tax. No Social Security or Medicare taxes.

Got this tax bracket data (percentage per dollar you have to pay within each bracket) from wikipedia.

So each year it is $130,000 at $2500 week for 52 weeks in a calendar year

Falls within the 28% tax bracket ($87,850 to $183,250), along with the 25% ($36250 to $87850), along with the 15% ($8925 to $36250) and the 10% (0 to $8925).

Each year the tax brackets increase with respect to inflation rates.

But if you take the lump sum at $1.9 million, it falls under the highest tax bracket

33% ($183250 to $398350), 35% ($398,350 to $400,000), and 39.6% for each dollar over $400,000

Thus not only do you get 65% of the potential amount, you will pay a chunk at the highest tax brackets ($1.5 million of the prize is taxed at 39.6%!!!)

Those that are great investors should take the lump sum, but other wise for the weekly sum, inflation over time will decrease what $2500 can buy every week. Also you must be in good health and stay alive for the 25 years to maximize the benefit. It can be inherited by another person should the winner deceases before the 25 year period, however the beneficiary does not pay the tax on per year basis, they pay the tax of the entire amount that is left to be paid out due to the IRS that very same year! Thus beneficiaries may have to arrange some other loans to pay off the tax first and then use some the weekly payments to pay off the debt.

Something to think about. That is the reason majority 90% of the Powerball winners chose the lump sum.

Thank you for the explanation. I understand why the Powerball winners do. Being taxed at almost 40% is crazy.

I would take the annual payments. Maybe I could purchase a life insurance policy so that my beneficiary can pay the federal taxes. I would be scared to invest it because of all the investment schemes.
MDguy

Olney, MD
United States
Member #121,528
January 11, 2012
462 Posts
Offline

Jun 27, 2014, 10:56 am

Quote: Originally posted by CAScratcher20 on Jun 27, 2014
As far as the Lucky for Life prizes goes it works the same like the jackpot draw games, the lump sum is the amount that is offered so for the $5 one its $1.9 million dollars. If weekly payments are chosen, the CALottery will take that $1.9 Million and purchase various saving bonds of varying lengths so that they can pay you for the 25 year period.

There are no state taxes in California (1 of 6 in the nation) for Gambling winnings, only Federal Tax. No Social Security or Medicare taxes.

Got this tax bracket data (percentage per dollar you have to pay within each bracket) from wikipedia.

So each year it is $130,000 at $2500 week for 52 weeks in a calendar year

Falls within the 28% tax bracket ($87,850 to $183,250), along with the 25% ($36250 to $87850), along with the 15% ($8925 to $36250) and the 10% (0 to $8925).

Each year the tax brackets increase with respect to inflation rates.

But if you take the lump sum at $1.9 million, it falls under the highest tax bracket

33% ($183250 to $398350), 35% ($398,350 to $400,000), and 39.6% for each dollar over $400,000

Thus not only do you get 65% of the potential amount, you will pay a chunk at the highest tax brackets ($1.5 million of the prize is taxed at 39.6%!!!)

Those that are great investors should take the lump sum, but other wise for the weekly sum, inflation over time will decrease what $2500 can buy every week. Also you must be in good health and stay alive for the 25 years to maximize the benefit. It can be inherited by another person should the winner deceases before the 25 year period, however the beneficiary does not pay the tax on per year basis, they pay the tax of the entire amount that is left to be paid out due to the IRS that very same year! Thus beneficiaries may have to arrange some other loans to pay off the tax first and then use some the weekly payments to pay off the debt.

Something to think about. That is the reason majority 90% of the Powerball winners chose the lump sum.

I've never won over $600 so I have not had to fill out a claim form before. But if you do win an amount that they have to deduct taxes from, is it possible to get those taxes deducted off of your prize immediately? Like if you won $10,000 for example, could you just get a check for approx. $6500 and not have to worry about paying the taxes later?
beachbunny13

United States
Member #154,785
April 29, 2014
60 Posts
Offline

Jun 27, 2014, 11:23 am

Quote: Originally posted by MDguy on Jun 27, 2014
I've never won over $600 so I have not had to fill out a claim form before. But if you do win an amount that they have to deduct taxes from, is it possible to get those taxes deducted off of your prize immediately? Like if you won $10,000 for example, could you just get a check for approx. $6500 and not have to worry about paying the taxes later?

My understanding is that Federal taxes are deducted before you get your prize. You would just get a check for $6500 not the $10,000.
mrcraft

Los Angeles, California
United States
Member #149,484
December 2, 2013
919 Posts
Offline

Jun 27, 2014, 12:06 pm

Quote: Originally posted by MDguy on Jun 27, 2014
I've never won over $600 so I have not had to fill out a claim form before. But if you do win an amount that they have to deduct taxes from, is it possible to get those taxes deducted off of your prize immediately? Like if you won $10,000 for example, could you just get a check for approx. $6500 and not have to worry about paying the taxes later?

The lottery will withhold 25% of the win for our Federal withholding starting at $5,000 (or $5,001 I can't remember exactly) regardless of the amount. If one is in a tax bracket higher than 25%, there will be more taxes due when they file though one can deduct loses against the win, if they keep losing draw and scratcher tickets. If we win $10,000, we will get a check for $7,500.

Here's the part people get in trouble with. A lot people think that the amount the CA Lottery withholds is their TOTAL tax obligations and don't realize in many cases they will still owe more money to Uncle Sam. Small amounts may not be an issue, but for people that win 6 or even 7 figures make sure you calculate or hire a CPA/tax attorney and put aside the additional amount that will be due later.
beachbunny13

United States
Member #154,785
April 29, 2014
60 Posts
Offline

Jun 27, 2014, 12:33 pm

Quote: Originally posted by mrcraft on Jun 27, 2014
The lottery will withhold 25% of the win for our Federal withholding starting at $5,000 (or $5,001 I can't remember exactly) regardless of the amount. If one is in a tax bracket higher than 25%, there will be more taxes due when they file though one can deduct loses against the win, if they keep losing draw and scratcher tickets. If we win $10,000, we will get a check for $7,500.

Here's the part people get in trouble with. A lot people think that the amount the CA Lottery withholds is their TOTAL tax obligations and don't realize in many cases they will still owe more money to Uncle Sam. Small amounts may not be an issue, but for people that win 6 or even 7 figures make sure you calculate or hire a CPA/tax attorney and put aside the additional amount that will be due later.

Mr. Craft thank you for the information.

I think its wise to save some money because with all your income and the winning could put you in a higher tax bracket. I am glad to know they don't hold it for $5,000 or less wins. You will get a 1099 for your winnings anyways.

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