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Florida Scratch Off Taxes

Topic closed. 3 replies. Last post 4 years ago by skeptic.

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SARASOTA, FL
United States
Member #95778
August 17, 2010
1093 Posts
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Posted: October 24, 2012, 10:18 am - IP Logged

I thought 25% was taken off the top and the balance paid  in one lump sum - look at these recent $1M winners posted on the Fl Lottey site - why is the take home amount different ? What am I missing here .....?

$1M won on Spectacular - $818,854 lump sum paid out

$1M won on Millionare -  $825,451 lump sum paid out

$1M won on 50X ---------$800,00 lump sum paid out

wins: $10,000 Jubilee - $5,000 $200MS - 31 $1k's - 185 $500's - 5 $400's

 

 

" ... some days you're the bug - some days you're the windshield ..."

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    Alabama
    United States
    Member #125065
    March 24, 2012
    210 Posts
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    Posted: October 24, 2012, 10:28 am - IP Logged

    Isn't one of the winners from Alabama?

      duckman's avatar - ducklogodrake64x64
      Jacksonville Florida
      United States
      Member #23018
      October 6, 2005
      918 Posts
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      Posted: October 24, 2012, 10:51 am - IP Logged

      I thought 25% was taken off the top and the balance paid  in one lump sum - look at these recent $1M winners posted on the Fl Lottey site - why is the take home amount different ? What am I missing here .....?

      $1M won on Spectacular - $818,854 lump sum paid out

      $1M won on Millionare -  $825,451 lump sum paid out

      $1M won on 50X ---------$800,00 lump sum paid out

      For some games the single cash payment amount is based on the current value that if invested would yeild the prize amount if paid over x number of years. That amount can change often. Some games will pay out a preset amount. Some games will pay out the stated amount straight away, depends on the game rules.

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        SARASOTA, FL
        United States
        Member #95778
        August 17, 2010
        1093 Posts
        Offline
        Posted: October 24, 2012, 6:03 pm - IP Logged

        For some games the single cash payment amount is based on the current value that if invested would yeild the prize amount if paid over x number of years. That amount can change often. Some games will pay out a preset amount. Some games will pay out the stated amount straight away, depends on the game rules.

        Dear Ed

         

        Thank you for writing the Florida Lottery. In response to your email, please note that applicable taxes are taken first. Scratch-Off games with annual prize options, if the Cash Option payment is not already predetermined, will reflect the cash value, which is the amount required on the day the winner claims their prize to fund the applicable prize paid over 20 years.

         SO THERE YOu HAVE IT DUCKMAN !

        wins: $10,000 Jubilee - $5,000 $200MS - 31 $1k's - 185 $500's - 5 $400's

         

         

        " ... some days you're the bug - some days you're the windshield ..."