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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 ]  
sully16's avatar - sharan
Ringleader
Michigan
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Posted: February 26, 2013, 11:11 pm - IP Logged

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

We don't pay any taxes on prizes under 500 here in Michigan, they don't take names and we don't fill out forms, I won 700 once and had to go to the lottery, I filled out the IRS form and when it came time to do my taxes, I didn't have to pay tax on it because I could prove the loss.

Did you exchange a walk on part in the war ?

For a lead role in a cage?

 

                                            From Pink Floyd's " Wish you were here"

    mjwinsmith's avatar - moon

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    Posted: February 26, 2013, 11:12 pm - IP Logged

    Any amount won is TAXABLE income, now you are allowed to deduct YOUR LOSES from your winnings.

    Usually amounts up to $600.00 can be cashed at the Lottery agents store, over that amount will need to be claimed at a Lottery Office in which they will take down your information, (Soc. Sec. No etc.)

    If you had $100,000.00 worth of tickets valued at $500.00 each (X200) and cashed them in one at a time over a period of time you still have $100,000.00 of income which is reportable. Again, you are allowed to deduct your gambling loses against your wins.

    I would suspect that when you cash in the 200 tickets you are doing this over a span of days/weeks maybe several a day. So say you cash 2 a day, that would take you 100 days to cash all of the tickets at say one store. If you went to several stores then you can reduce the time limit. In New York state you have I believe up to 45 days to cash the tickets in at the Lottery Retailer, after that time you will need to file a claims at the Lottery Regional Office.

    Let's say you did cash in all of the tickets within the time limit and got the cash, you are still liable to pay tax on the net amount of gambling wins over gambling loses for the year in question. If they catch you or not is another story, LOL (Smile) - - WINK - WINK!

     >Michael

    "Don't be a Dummy, Make 'Dat Money"

    Mjwinsmith's Blog Page:   http://blogs.lotterypost.com/mjwinsmith/

    "How to Play My Pick-4 System": https://www.lotterypost.com/thread/306450


      United States
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      Posted: February 26, 2013, 11:14 pm - IP Logged

      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.

      WRONG. What part don't you get? Doesn't matter what state you live in.

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


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        Posted: February 26, 2013, 11:18 pm - IP Logged

        We don't pay any taxes on prizes under 500 here in Michigan, they don't take names and we don't fill out forms, I won 700 once and had to go to the lottery, I filled out the IRS form and when it came time to do my taxes, I didn't have to pay tax on it because I could prove the loss.

        I know, but some are obvioulsly asking questions because they're not sure. And i'm only educating them. I do ths often BTW. lol Real Life i mean.

          sully16's avatar - sharan
          Ringleader
          Michigan
          United States
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          Posted: February 26, 2013, 11:23 pm - IP Logged

          I know, but some are obvioulsly asking questions because they're not sure. And i'm only educating them. I do ths often BTW. lol Real Life i mean.

          It would be a nightmare trying to track down everyone who won less then 500 through out the year, let's not give the greedy gov. any ideas.

          Did you exchange a walk on part in the war ?

          For a lead role in a cage?

           

                                                      From Pink Floyd's " Wish you were here"


            United States
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            Posted: February 26, 2013, 11:23 pm - IP Logged

            Any amount won is TAXABLE income, now you are allowed to deduct YOUR LOSES from your winnings.

            Usually amounts up to $600.00 can be cashed at the Lottery agents store, over that amount will need to be claimed at a Lottery Office in which they will take down your information, (Soc. Sec. No etc.)

            If you had $100,000.00 worth of tickets valued at $500.00 each (X200) and cashed them in one at a time over a period of time you still have $100,000.00 of income which is reportable. Again, you are allowed to deduct your gambling loses against your wins.

            I would suspect that when you cash in the 200 tickets you are doing this over a span of days/weeks maybe several a day. So say you cash 2 a day, that would take you 100 days to cash all of the tickets at say one store. If you went to several stores then you can reduce the time limit. In New York state you have I believe up to 45 days to cash the tickets in at the Lottery Retailer, after that time you will need to file a claims at the Lottery Regional Office.

            Let's say you did cash in all of the tickets within the time limit and got the cash, you are still liable to pay tax on the net amount of gambling wins over gambling loses for the year in question. If they catch you or not is another story, LOL (Smile) - - WINK - WINK!

             >Michael

            Any amount won is TAXABLE income

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

             

            THANK YOU !


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              Posted: February 26, 2013, 11:28 pm - IP Logged

              It would be a nightmare trying to track down everyone who won less then 500 through out the year, let's not give the greedy gov. any ideas.

              Oh, have no worries. They already thought of that. The person they audit must have a mid to high profile in order to qualify. Too many resources with too much expense. Your everyday Joe shouldn't worry. I know an Insider.

                grwurston's avatar - Cute animals_Spider.jpg
                Winning makes me smile.
                bel air maryland
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                Posted: February 26, 2013, 11:44 pm - IP Logged

                Any amount won is TAXABLE income

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

                 

                THANK YOU !

                So, I guess this means that if you bought a mega millions ticket for tonight and you hit the bonus ball for $2.00 you're going   to report it on your taxes next year right?

                "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.


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                  Posted: February 26, 2013, 11:47 pm - IP Logged

                  So, I guess this means that if you bought a mega millions ticket for tonight and you hit the bonus ball for $2.00 you're going   to report it on your taxes next year right?

                  I'm so tired of winking. My friends are laughing at me as i write this. They think I have twitches. Thanks a lot gwurston...lol

                    grwurston's avatar - Cute animals_Spider.jpg
                    Winning makes me smile.
                    bel air maryland
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                    Posted: February 27, 2013, 12:05 am - IP Logged

                    I'm so tired of winking. My friends are laughing at me as i write this. They think I have twitches. Thanks a lot gwurston...lol

                    I was just checking... don't hurt your eyes.   Oogle

                    "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.


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                      Posted: February 27, 2013, 12:21 am - IP Logged

                      I was just checking... don't hurt your eyes.   Oogle

                        HoLeeKau's avatar - YheaShea
                        Idaho
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                        Posted: February 27, 2013, 10:30 am - IP Logged

                        I know, but some are obvioulsly asking questions because they're not sure. And i'm only educating them. I do ths often BTW. lol Real Life i mean.

                        I thought about it, but honestly I wonder if it's worth it.  If they wanted to know, they'd already have checked wouldn't they?  You can walk into any tax office this time of year and get an answer to that question.  Sometimes, ignorance is bliss.

                          HoLeeKau's avatar - YheaShea
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                          Posted: February 27, 2013, 10:37 am - IP Logged

                          It would be a nightmare trying to track down everyone who won less then 500 through out the year, let's not give the greedy gov. any ideas.

                          That's why I made the example worth $100,000.  That is worth the IRS's time to track down.  In a city the size of Boise, you'd have to go to the same stores a few times to get them all cashed, hence more risk of a snoopy clerk deciding to turn you in.

                          I wonder if the lottery cooperates with the IRS?  I wonder if they'd release their video of who bought the tickets if the IRS asked, and find out you had all 200 winners?  That's assuming they have cameras in the machines like ATMs do.

                            HoLeeKau's avatar - YheaShea
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                            Posted: February 27, 2013, 10:41 am - IP Logged

                            Are you saying that "a friend" (wink wink, nudge nudge) (say no more, say no more) of yours has these tickets?

                            No "friend" (wink, wink, nudge nudge) with tickets yet, but I'm hoping to get a "friend" (wink, wink, nudge nudge) with tickets at some point and wish to be prepared.


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                              Posted: February 27, 2013, 10:44 am - 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?

                              Is this a trick question?