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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 ]  

United States
Member #116268
September 7, 2011
20244 Posts
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Posted: February 27, 2013, 10:45 am - IP Logged

What?


    United States
    Member #116268
    September 7, 2011
    20244 Posts
    Offline
    Posted: February 27, 2013, 10:45 am - IP Logged

    It sounds like a trick question...............What?

      HoLeeKau's avatar - YheaShea
      Idaho
      United States
      Member #94283
      July 17, 2010
      2284 Posts
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      Posted: February 27, 2013, 10:56 am - IP Logged

      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.

      With 10 million I'd take it to the lottery office and gladly take my (tax) lumps.  But with that much money, I'd have enough to buy everything I need and most of what I want.

      With only a $100K win, I could only pay for a couple things in the first place, then take away that $30K in taxes and all the sudden I'm down to choosing just one or two needs that would improve my life a bit.  Probably couldn't splurge for any "wants."

        HoLeeKau's avatar - YheaShea
        Idaho
        United States
        Member #94283
        July 17, 2010
        2284 Posts
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        Posted: February 27, 2013, 10:57 am - IP Logged

        It sounds like a trick question...............What?

        Don't worry, you don't have to use your real name to answer it.  Yet.

          Avatar
          Kentucky
          United States
          Member #32652
          February 14, 2006
          7308 Posts
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          Posted: February 27, 2013, 12:04 pm - IP Logged

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

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

          It says "winnings from lotteries" and "A payer (the state lottery) is required to issue you a Form W-2G". Because the state lottery only issues a W-2G on winnings over $600 as required by the IRS, than anything less is not considered winnings. If a casual gambler buys $10 worth of scratch-offs and has a $2 winner, do you really believe the IRS expects them to list the $2 as gambling winnings because "All gambling winnings must be reported"?

          Professional gamblers are required to keep a log book listing all their wins and losses, but we're talking about casual gamblers who don't get a receipt for every free scratch off ticket they win or a W-2G for any ticket worth less than $600. If you want to show $500 in winnings on your 1040 for one Pick-3 straight hit even though you lost $250 for the entire years, it's your prerogative, but as a casual gambler, I won't because I wasn't issued a W-2G and I'm not a professional gambler.

            kandi49's avatar - masked
            georgetown sc
            United States
            Member #112488
            June 20, 2011
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            Posted: February 27, 2013, 5:53 pm - IP Logged

            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

             I agree there is an old saying the left hand do not have to know what the right hand is doing Leaving

              Avatar
              New York
              United States
              Member #103600
              January 4, 2011
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              Posted: February 27, 2013, 6:11 pm - IP Logged

              I believe that the reason that state laws allow redemption of p3 tickets in the store with no paper trail is because they need to in order to attract adequate play- if every win was taxable at the time of redemption there would be a lot less play. I would be fascinated to see if there was a selective prosecution lawsuit if they decided to go after a $100,000 p3 winner when they ignore all of the lesser p3 winners that don't declare their winnings when filing their taxes. Plenty of time to claim winning tickets if you have more than one.

                helpmewin's avatar - dandy
                u$a
                United States
                Member #106665
                February 22, 2011
                19771 Posts
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                Posted: February 27, 2013, 6:52 pm - IP Logged

                What?

                Approve

                Let it Snow Snowman

                  helpmewin's avatar - dandy
                  u$a
                  United States
                  Member #106665
                  February 22, 2011
                  19771 Posts
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                  Posted: February 27, 2013, 6:52 pm - IP Logged

                   I agree there is an old saying the left hand do not have to know what the right hand is doing Leaving

                  Thumbs Up

                  Let it Snow Snowman

                    Avatar
                    CT
                    United States
                    Member #60059
                    April 4, 2008
                    856 Posts
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                    Posted: February 27, 2013, 7:32 pm - IP Logged

                    Collect all 100,000 in quaters and put them in glass jars and bury them around the yard for a rainy day.

                    Luck be with you!!!

                    NOTE: All numbers posted are BOXED and unless otherwise noted.

                      helpmewin's avatar - dandy
                      u$a
                      United States
                      Member #106665
                      February 22, 2011
                      19771 Posts
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                      Posted: February 27, 2013, 8:57 pm - IP Logged

                      Collect all 100,000 in quaters and put them in glass jars and bury them around the yard for a rainy day.

                      i like the way your thinking Thumbs Up

                      Let it Snow Snowman

                        Avatar

                        United States
                        Member #94616
                        July 24, 2010
                        4735 Posts
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                        Posted: February 28, 2013, 7:24 am - IP Logged

                        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

                        above is the answer.  Its nice to have a 2nd job which you have to go to several locations maybe on different days to cash them - I will take that PROBLEM ever time!!! 

                          Avatar
                          CT
                          United States
                          Member #60059
                          April 4, 2008
                          856 Posts
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                          Posted: February 28, 2013, 10:37 am - IP Logged

                          You would first have to buy the tickets at different locations to start.

                          Buying 200 tickets all together may raise a flag.

                          Luck be with you!!!

                          NOTE: All numbers posted are BOXED and unless otherwise noted.

                            Think's avatar - lightbulb
                            Marquette, MI
                            United States
                            Member #20541
                            August 20, 2005
                            705 Posts
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                            Posted: February 28, 2013, 11:51 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?

                            Hahahahahhahahahahahahahaha!

                            Seriously?  For $20,000 to $25,000 you would go to jail for a year or more.

                            Geez you iz shore smart! No wunder yew playz da lootery.


                              United States
                              Member #128790
                              June 2, 2012
                              5431 Posts
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                              Posted: February 28, 2013, 6:03 pm - IP Logged

                              It says "winnings from lotteries" and "A payer (the state lottery) is required to issue you a Form W-2G". Because the state lottery only issues a W-2G on winnings over $600 as required by the IRS, than anything less is not considered winnings. If a casual gambler buys $10 worth of scratch-offs and has a $2 winner, do you really believe the IRS expects them to list the $2 as gambling winnings because "All gambling winnings must be reported"?

                              Professional gamblers are required to keep a log book listing all their wins and losses, but we're talking about casual gamblers who don't get a receipt for every free scratch off ticket they win or a W-2G for any ticket worth less than $600. If you want to show $500 in winnings on your 1040 for one Pick-3 straight hit even though you lost $250 for the entire years, it's your prerogative, but as a casual gambler, I won't because I wasn't issued a W-2G and I'm not a professional gambler.

                              Because the state lottery only issues a W-2G on winnings over $600 as required by the IRS, than anything less is not considered winnings. If a casual gambler buys $10 worth of scratch-offs and has a $2 winner, do you really believe the IRS expects them to list the $2 as gambling winnings because "All gambling winnings must be reported"?

                               

                              I wish I still had the URL to the IRS tax site where it specifically says ANY winnings or earned income is taxable. And it doesn't matter what type of gambler you are.

                              If you babysit earning 30 dollars for one day and and quit, that 30 bucks is considered taxable income. I didn't make this up.