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200 Winning Pick 3 Tickets

Topic closed. 108 replies. Last post 4 years ago by dsscsystems.

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How would you cash them?

One at a time so as to avoid taxes [ 37 ]  [77.08%]
At the lottery office - I always pay my taxes [ 5 ]  [10.42%]
At the lottery office - Too Chicken to get caught [ 6 ]  [12.50%]
Total Valid Votes [ 48 ]  
Discarded Votes [ 3 ]  
helpmewin's avatar - dandy
u$a
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Posted: February 26, 2013, 9:29 pm - IP Logged

Say you had 200 separate pick 3 tickets, each worth $500 for a total of $100,000.  After state and fed taxes, most of us would wind up with $70K or less, putting a pretty big dent in our windfall.  Would you have the guts to cash each one separately to avoid the taxes?   Or would you be afraid of getting caught by the IRS?

If you'd cash them separately, what steps would you take to avoid getting caught and indicted for tax evasion?

yes i would  cash at the stores $500 each Yes Nod

just gotta take some drives from time to time

town to town cashing them in at different stores DanceDance

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    ttech10's avatar - blobdude
    Texas
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    Posted: February 26, 2013, 9:38 pm - IP Logged

    As much as I hate taxes I like to do things by the book. Besides most stores rarely have over $500 cash. Secretly cashing 200 of those gems would not be easy.

    I've been to stores that won't immediately cash anything over $20. Instead you get a money order. I've also been to ones that simply point you to the nearest store if you try and cash a $20+ winner. These are chain stores too, not some family owned one.

     

    With my luck finding those stores to cash a $20-$100 ticket, I'd never find one that would give me $500.

      grwurston's avatar - 144
      Let's Go Rangers!!!
      bel air maryland
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      Posted: February 26, 2013, 9:38 pm - IP Logged

      Say you had 200 separate pick 3 tickets, each worth $500 for a total of $100,000.  After state and fed taxes, most of us would wind up with $70K or less, putting a pretty big dent in our windfall.  Would you have the guts to cash each one separately to avoid the taxes?   Or would you be afraid of getting caught by the IRS?

      If you'd cash them separately, what steps would you take to avoid getting caught and indicted for tax evasion?

      Just don't deposit it all in the bank at one time. I believe if you deposit more than $10,000 in one day the banks are required

      by federal law to notify the IRS, to verify that taxes were paid on the money. Hiding Behind Computer

      "You can observe a lot just by watching." Yogi Berra, Hall of Fame baseball player.

      The numbers will tell you what numbers to play. Pay attention to the numbers.

      Don't just think outside the box, crush it.

        Toni Love6's avatar - Lottery-062.jpg
        LAUREL, MD
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        March 28, 2012
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        Posted: February 26, 2013, 9:41 pm - IP Logged

        Hi.

        Thank you for the break down.

        Winning is one of the best feelings in the world.
        Hope I can experience it a few times this year.

          Toni Love6's avatar - Lottery-062.jpg
          LAUREL, MD
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          Posted: February 26, 2013, 9:44 pm - IP Logged

          a girl in Indiana won $300,000.00 on P3  Smiley

          Wow. That's some faith that she had there.
          That's a true blessing right there.

          Winning is one of the best feelings in the world.
          Hope I can experience it a few times this year.

            helpmewin's avatar - dandy
            u$a
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            Posted: February 26, 2013, 9:49 pm - IP Logged

            I've been to stores that won't immediately cash anything over $20. Instead you get a money order. I've also been to ones that simply point you to the nearest store if you try and cash a $20+ winner. These are chain stores too, not some family owned one.

             

            With my luck finding those stores to cash a $20-$100 ticket, I'd never find one that would give me $500.

            try the stores that sell food i forget the name of them but they all have big moneyYes Nod

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              maringoman's avatar - images q=tbn:ANd9GcTbRxpKQmOfcCoUqF2FyqIOAwDo7rg9G-lfJLAALPGWJWwiz19eRw
              Massachusetts
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              Posted: February 26, 2013, 10:09 pm - IP Logged

              I've been to stores that won't immediately cash anything over $20. Instead you get a money order. I've also been to ones that simply point you to the nearest store if you try and cash a $20+ winner. These are chain stores too, not some family owned one.

               

              With my luck finding those stores to cash a $20-$100 ticket, I'd never find one that would give me $500.

              Because of high crime rates some stores have a sign saying the cashier never has more than $250 at the store. One time I had to cash a $200 scratch off win and the cashier had to go to the back of the store, I guess where they keep the safe, and came out after 5 minutes with my money. It was only $200 for all that drama haha

              That money's gone fo ever

                grwurston's avatar - 144
                Let's Go Rangers!!!
                bel air maryland
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                Posted: February 26, 2013, 10:12 pm - IP Logged

                Hi.

                Thank you for the break down.

                You're welcome!!! And good luck.

                "You can observe a lot just by watching." Yogi Berra, Hall of Fame baseball player.

                The numbers will tell you what numbers to play. Pay attention to the numbers.

                Don't just think outside the box, crush it.


                  United States
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                  Posted: February 26, 2013, 10:35 pm - IP Logged

                  Say you had 200 separate pick 3 tickets, each worth $500 for a total of $100,000.  After state and fed taxes, most of us would wind up with $70K or less, putting a pretty big dent in our windfall.  Would you have the guts to cash each one separately to avoid the taxes?   Or would you be afraid of getting caught by the IRS?

                  If you'd cash them separately, what steps would you take to avoid getting caught and indicted for tax evasion?

                  I'd be very tempted to cash in 5 at a time, but the problem of putting it in a bank would discourage me. I'd have to stash it in my house and that won't cut it.

                  Any amount over 10 grand deposited into a bank raises a red flag and the bank is obliged to inform the IRS.

                  Normally I would say that it's only fair to pay your fair share of the tax, but the lottery rapes people financially when they win. Either by bad payout percentages, or the multitude of pre-tests and post-tests. Take your pick ! Why does any lottery agency need to perforem 3 pre-tests? To make sure the machine doesn't break during the actual drawing? That's akin to saying, I'm gonna run my car on the road 6 times a day using hired drivers driving the car around for a whole year. Why? Because i want to make sure the next time I get in, the car still works. Now i've put all these miles on the car to prove the integrity of the car. Unfortunately my intentions were increasing the possibility of breaking down. How? Well, more wear and tear, more likely for a breakdown.

                  It's basically self defeating don't you think?


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                    Posted: February 26, 2013, 10:42 pm - IP Logged

                    No, you couldn't cash more than one at a time at the same store.  Not only do they normally not have that kind of cash, but you risk a snoopy clerk deciding to turn you in.

                    The best I can figure is you'd have to go from store to store, cashing one at each store.  Then wait a few days or a week, then go at a different time of day when there are likely to be different clerks on duty.  But you still risk getting caught on camera over and over and over.

                    No, you couldn't cash more than one at a time at the same store

                     

                    Not in Florida. I cashed in 5 Pick-3 straight tickets years ago in a  PUBLIX supermarket. The manager went to the vault and gave me 2500 bucks.

                    But you wrote something I never thought of. I never thought about the cameras but I don't think the IRS has the resources to follow every single person who they may think is cheating.

                    All I know is that if i won a lot of money like 10 million, would you cash it in a quick mart or be legit and turn the ticket into a the office.


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                      Posted: February 26, 2013, 10:45 pm - IP Logged

                      I thought that if its under $500 or $600 per ticket, its not taxed. Each one is separate.

                      And at Super Lotto Agent Stores, they can definitely cash more than a couple of tickets.

                      Here in Maryland, some agents can cash up to $25,000 I believe. The one I got to can only do up to $5,000.

                      But thats a lot of stores to go to.  Just cash them as you need money I guess.

                      I thought that if its under $500 or $600 per ticket, its not taxed. Each one is separate

                       

                      Another myth.

                      Any income is taxable. Even if you help your neighbor paint his house for 7 hours and he pays you 15 bucks an hour, that's still taxable income. Basically ALL income is technically taxable.

                      Wink wink


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                        Posted: February 26, 2013, 10:48 pm - IP Logged

                        Here in Michigan anything under  500 is tax free, since all those tickets come in single bets, and you have a year to cash them in, I would bid my time and cash them slowly.

                        No it's not. I already read the section in the IRS documents referring to gambling income. ALL income is taxable.


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                          Posted: February 26, 2013, 10:49 pm - IP Logged

                          No it's not. I already read the section in the IRS documents referring to gambling income. ALL income is taxable.

                          http://www.irs.gov/taxtopics/tc419.html

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                            Posted: February 26, 2013, 10:54 pm - IP Logged

                            Say you had 200 separate pick 3 tickets, each worth $500 for a total of $100,000.  After state and fed taxes, most of us would wind up with $70K or less, putting a pretty big dent in our windfall.  Would you have the guts to cash each one separately to avoid the taxes?   Or would you be afraid of getting caught by the IRS?

                            If you'd cash them separately, what steps would you take to avoid getting caught and indicted for tax evasion?

                            According to state lottery rules, players can cash $500 value tickets without getting a W-2G so it seems like you could legally cash all 200 tickets at various stores. I'd try to cash about 50 of them, but would cash the rest at lottery headquarters. That way you could avoid any potential IRS questions.


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                              Posted: February 26, 2013, 10:57 pm - IP Logged

                              I've been to stores that won't immediately cash anything over $20. Instead you get a money order. I've also been to ones that simply point you to the nearest store if you try and cash a $20+ winner. These are chain stores too, not some family owned one.

                               

                              With my luck finding those stores to cash a $20-$100 ticket, I'd never find one that would give me $500.

                              Ha, I learned the hard way myself. Money order? get the heck outta here. The very first time he ran the ticket and confirmed it so it was too late for me to ask him to return the ticket to me. The next time I went to a supermarket chain like PUBLIX in Florida. They have vaults that are accessable to the managers and assistants. One clerk told me to come back later in the day because they just opened up a couple of hours ago. I pointed to the many cashiers and asked her to please get a hundred from each cashier to pay me my 500 bucks. The look on her face was calssic, but she did it. I'm not being cruel. They take your money with no problem, but when it's time to collect, there shouldn't be any hesitation, just as there was no hesitation when I forked out my money when they asked me to handed it over to them.