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TAX... lower tier prizes

Topic closed. 86 replies. Last post 3 years ago by mikeintexas.

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HHEH-100's avatar - batman42

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November 22, 2013
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Posted: December 5, 2013, 10:04 am - IP Logged

Folks always told me to play the lottery cause I'm good with numbers and tracking. I was advised to play the Pick-3; Pick-4 has my passion and nice payouts for lower tiers too. My question is this: if one constantly cashes in tickets below the taxable amount allowed ($600)....does he/she avoid both state and federal tax at the end of the year?

Now...if I have three $200 winning tickets that's still tax free correct?

HHEH

    rdgrnr's avatar - walt
    Way back up in them dadgum hills, son!
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    Posted: December 5, 2013, 11:29 am - IP Logged

    Folks always told me to play the lottery cause I'm good with numbers and tracking. I was advised to play the Pick-3; Pick-4 has my passion and nice payouts for lower tiers too. My question is this: if one constantly cashes in tickets below the taxable amount allowed ($600)....does he/she avoid both state and federal tax at the end of the year?

    Now...if I have three $200 winning tickets that's still tax free correct?

    HHEH

    The law says you have to claim ALL income.

    Only the guys in charge like Charlie Rangel can get away with not paying.

    They'll throw you and me in jail in a heartbeat.

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      Kentucky
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      Posted: December 5, 2013, 12:30 pm - IP Logged

      Folks always told me to play the lottery cause I'm good with numbers and tracking. I was advised to play the Pick-3; Pick-4 has my passion and nice payouts for lower tiers too. My question is this: if one constantly cashes in tickets below the taxable amount allowed ($600)....does he/she avoid both state and federal tax at the end of the year?

      Now...if I have three $200 winning tickets that's still tax free correct?

      HHEH

      The law says you must include Certain Gambling Winnings on form 1040 and the IRS defines that as the gross winnings listed on a W-2G. Obviously you won't get a W-2G on your three $200 winning tickets, but I'd consult a real tax expert.

      You'll find that some of the free advice you get on LP is not from lottery players with the experience of winning several amounts up to $600 or in some cases probably never won a significant amount up to $100. There is also lots of confusion on the difference between a casual gambler and a professional gambler so again, consult with a real tax expert.

        rdgrnr's avatar - walt
        Way back up in them dadgum hills, son!
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        Posted: December 5, 2013, 12:35 pm - IP Logged

        Folks always told me to play the lottery cause I'm good with numbers and tracking. I was advised to play the Pick-3; Pick-4 has my passion and nice payouts for lower tiers too. My question is this: if one constantly cashes in tickets below the taxable amount allowed ($600)....does he/she avoid both state and federal tax at the end of the year?

        Now...if I have three $200 winning tickets that's still tax free correct?

        HHEH

        Don't listen to any idiot who tells you you don't have to pay taxes.

        Pay your taxes.

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          Kentucky
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          Posted: December 5, 2013, 12:51 pm - IP Logged

          Don't listen to any idiot who tells you you don't have to pay taxes.

          Pay your taxes.

          Tell us about your experience when someone told you "you don't have to pay taxes".

            HHEH-100's avatar - batman42

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            Posted: December 5, 2013, 1:01 pm - IP Logged

            Ok.... now how about this.... let's say all your tickets are $200 each ( Pick-4 box plays) and thru the course of a year you ring up $60K.... do you have to file taxes? I  know a dude that just bought a Vette (2014) off Pick-4 box play money and he just started thinking about the taxes.  I'm doing the same.

            He racked up the money in 11 months..... is this taxable money?

              rdgrnr's avatar - walt
              Way back up in them dadgum hills, son!
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              Posted: December 5, 2013, 1:01 pm - IP Logged

              Tell us about your experience when someone told you "you don't have to pay taxes".

              Why, did you think I was referring to you because I used the term "idiot"?

              Are you going to start following me around now flaming me and harassing me like your clown buddy, billionairetubby does?

              Please don't.

                SergeM's avatar - slow icon.png
                Economy class
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                February 27, 2012
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                Posted: December 5, 2013, 1:02 pm - IP Logged

                Folks always told me to play the lottery cause I'm good with numbers and tracking. I was advised to play the Pick-3; Pick-4 has my passion and nice payouts for lower tiers too. My question is this: if one constantly cashes in tickets below the taxable amount allowed ($600)....does he/she avoid both state and federal tax at the end of the year?

                Now...if I have three $200 winning tickets that's still tax free correct?

                HHEH

                There is no nice payout for lower tiers.

                  rdgrnr's avatar - walt
                  Way back up in them dadgum hills, son!
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                  Posted: December 5, 2013, 1:03 pm - IP Logged

                  Ok.... now how about this.... let's say all your tickets are $200 each ( Pick-4 box plays) and thru the course of a year you ring up $60K.... do you have to file taxes? I  know a dude that just bought a Vette (2014) off Pick-4 box play money and he just started thinking about the taxes.  I'm doing the same.

                  He racked up the money in 11 months..... is this taxable money?

                  Do the right thing, HHEH, pay the taxes on it.

                  Get a tax guy.

                  Don't listen to any bozo who says you don't have to pay.

                    HHEH-100's avatar - batman42

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                    Posted: December 5, 2013, 1:27 pm - IP Logged

                    if one can systematically get four to five box hits a week....$800 to $1K weekly isn't bad.

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                      Kentucky
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                      Posted: December 5, 2013, 1:29 pm - IP Logged

                      Why, did you think I was referring to you because I used the term "idiot"?

                      Are you going to start following me around now flaming me and harassing me like your clown buddy, billionairetubby does?

                      Please don't.

                      The question here is on gambling income which you either have no experience with or are trying to score some more points with the SAHM by pretending to be clever. 

                      I'm interested in discussing better ways to play lottery games and getting better chances to win. And since you have no experience on those subjects either, I'm not a SAHM, there is no reason to follow you.

                        rdgrnr's avatar - walt
                        Way back up in them dadgum hills, son!
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                        Posted: December 5, 2013, 1:31 pm - IP Logged

                        if one can systematically get four to five box hits a week....$800 to $1K weekly isn't bad.

                        Ain't nothin' wrong with that!

                          rdgrnr's avatar - walt
                          Way back up in them dadgum hills, son!
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                          Posted: December 5, 2013, 1:37 pm - IP Logged

                          The question here is on gambling income which you either have no experience with or are trying to score some more points with the SAHM by pretending to be clever. 

                          I'm interested in discussing better ways to play lottery games and getting better chances to win. And since you have no experience on those subjects either, I'm not a SAHM, there is no reason to follow you.

                          Hey numbnuts, 

                          Do whatever the hell you wanna do, just leave me out of it, ok?

                          You're boring.

                          Stop clinging to me and trying to ride my coattails everywhere.

                          Talk to somebody else.

                          There must be somebody who's interested in your droning speeches.

                            Slick Nick's avatar - Lottery-035.jpg
                            Rochester
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                            Posted: December 5, 2013, 1:51 pm - IP Logged

                            In New York, it is designed so that you can collect your winnings up to 600 without paying taxes. If you have 3 "separate" tickets, yout still tax free in New York.

                            Money is a terrible master, but a great servant...Smile

                              Coin Toss's avatar - shape barbed.jpg
                              Zeta Reticuli Star System
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                              Posted: December 5, 2013, 2:20 pm - IP Logged

                              Tell us about your experience when someone told you "you don't have to pay taxes".

                              Stack47,

                              Irwin Schiff, currently serving time in a federal pen., tried telling the whole country they don't have to pay taxes.

                              Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

                              Lep

                              There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.