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TAX... lower tier prizes

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

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United States
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June 2, 2012
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Posted: December 5, 2013, 2:24 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.

False. ALL income is taxable income. I looked it up at the IRS website.

    Slick Nick's avatar - Lottery-035.jpg
    Rochester
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    Member #103282
    January 1, 2011
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    Posted: December 5, 2013, 2:33 pm - IP Logged

    Schiff I think it's safe to say did harm to the governement, he totally didn't like the tax system. A 200 lottery ticket winner the government doesn't even have time to take action for, or chase down the winner.

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


      United States
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      April 9, 2013
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      Posted: December 5, 2013, 2:43 pm - IP Logged

      False. ALL income is taxable income. I looked it up at the IRS website.

      False. Govt income isn't taxable...

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        Kentucky
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        Posted: December 5, 2013, 2:52 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.

        A $100 a hand Blackjack player could "win" $1200 by breaking even after 24 hands. Is it the intent of the IRS codes that all casual gamblers and lottery players must keep records of every hand of Blackjack or every scratch-off ticket and declare every winning hand or free ticket as income?

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          Kentucky
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          Posted: December 5, 2013, 3:58 pm - IP Logged

          False. ALL income is taxable income. I looked it up at the IRS website.

          I already was in an argument with someone with zero experience with substancal lottery winnings so I'm not interested in arguing with anyone who had multiple pick-3 straight winning tickets and other opinions on whether or not to include it as income.

          Gambling winnings. You must include your gambling winnings in your income on Form 1040, line 21.

          The difference is the winnings on a W-2G ($601 to $5000) is reported winnings, but there is no reported winnings up to $600. How anyone views unreported income is up to them, but Bribes are defined as income too.

          Bribes. If you receive a bribe, include it in your income.

            Slick Nick's avatar - Lottery-035.jpg
            Rochester
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            Posted: December 5, 2013, 5:02 pm - IP Logged

            Good answer Stack, 601 to 5000.

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

              JonnyBgood07's avatar - Patriots logo1.jpg
              Connecticut
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              Posted: December 5, 2013, 5:08 pm - IP Logged

               as far as I always knew, you could cash in any amount of money($599and under as long as the winnings were in increments  of a dollar..i.e.$1 str8 hits

              As for paying taxes on it you'd be a fool

               

              Our govt isn't honest with us..why be honest with them?

              "No matter how bad things may get, I'd like to thank my middle finger

              for always sticking up for me.."

               


                HHEH-100's avatar - batman42

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                November 22, 2013
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                Posted: December 5, 2013, 6:53 pm - IP Logged

                 as far as I always knew, you could cash in any amount of money($599and under as long as the winnings were in increments  of a dollar..i.e.$1 str8 hits

                As for paying taxes on it you'd be a fool

                 

                Our govt isn't honest with us..why be honest with them?

                So... if I have one thousand $200 tickets.... should I cash them all in at once or cash three in at a time?

                  JonnyBgood07's avatar - Patriots logo1.jpg
                  Connecticut
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                  Posted: December 5, 2013, 7:35 pm - IP Logged

                  So... if I have one thousand $200 tickets.... should I cash them all in at once or cash three in at a time?

                  That's up to you.

                  "No matter how bad things may get, I'd like to thank my middle finger

                  for always sticking up for me.."

                   


                    helpmewin's avatar - dandy
                    u$a
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                    Posted: December 5, 2013, 7:39 pm - IP Logged

                    So... if I have one thousand $200 tickets.... should I cash them all in at once or cash three in at a time?

                    WELL IF YOU HAVE 1000 TICKETS @$200.00 EACH WE SURE LIKE TO SEE THEM POSTED IF NOT WAKE UP AND STOP DREAMINGBed

                     

                    By the way heres the LINK

                     

                    http://www.lotterypost.com/thread/216513

                    Let it Snow Snowman

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                      Sacramento, CA
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                      Posted: December 5, 2013, 9:11 pm - IP Logged

                      When I see threads about what really-really counts as income vs what sorta-not-really has to be reported, I always want to post a picture of Al Capone. 

                       

                      If you figure out how to move your hypothetical $60k/yr in P3 sub-$600 prizes without your banking patterns giving you away, hire yourself out to the mob. They'll pay you even more.


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                        Posted: December 5, 2013, 9:23 pm - IP Logged

                        I already was in an argument with someone with zero experience with substancal lottery winnings so I'm not interested in arguing with anyone who had multiple pick-3 straight winning tickets and other opinions on whether or not to include it as income.

                        Gambling winnings. You must include your gambling winnings in your income on Form 1040, line 21.

                        The difference is the winnings on a W-2G ($601 to $5000) is reported winnings, but there is no reported winnings up to $600. How anyone views unreported income is up to them, but Bribes are defined as income too.

                        Bribes. If you receive a bribe, include it in your income.

                        but there is no reported winnings up to $600

                         

                        I disagree. Just because there's no form to fill out for it doesn't make that income exempt from paying tax on it.

                        If I paint a wall for a friend for 20 bucks, it's still taxable income. Winning 20 bucks on a scratcher is also taxable income.

                         

                        Does the IRS have the resources to enforce all the trivial income not being reported on a daily basis?    NO !

                        But technically, it's still taxable income.

                          HHEH-100's avatar - batman42

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                          Posted: December 5, 2013, 9:24 pm - IP Logged

                          WELL IF YOU HAVE 1000 TICKETS @$200.00 EACH WE SURE LIKE TO SEE THEM POSTED IF NOT WAKE UP AND STOP DREAMINGBed

                           

                          By the way heres the LINK

                           

                          http://www.lotterypost.com/thread/216513

                          It was an example.... but I don't think it's impossible. I know folks that win thousands and will buy 100/$1 tickets at a time... that's $20K  in boxed $200 tickets.  I'm going to email the website again of my state lottery  and hopefully they answer.  Heck maybe I'll put the link to this thread in the email... this should get the point across clearly now.

                          thank you all who have replied.

                          HHEH


                            United States
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                            Posted: December 6, 2013, 2:56 am - IP Logged

                            WELL IF YOU HAVE 1000 TICKETS @$200.00 EACH WE SURE LIKE TO SEE THEM POSTED IF NOT WAKE UP AND STOP DREAMINGBed

                             

                            By the way heres the LINK

                             

                            http://www.lotterypost.com/thread/216513

                            What's impossible about hitting pick4 box with 100 tickets

                            Does anyone on Lottery Post think winning is possible.....

                            So many folk on here lose so much.

                            When they see a winner or read about one. They think its a hoax...

                            As far as to prove tickets to lotterypost members. Who does that..
                            What would it prove.  I'f I'm a winner I could care less what any
                            Member on LP thought.   

                            Btw, I know u already know this...

                            When I see winners or read their story. I don't have envy

                            I congratulate...

                            I suspect on LotteryPost when most folk read about a member other than
                            Themselves winning. Its a problem.  Smh

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                              NY
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                              Posted: December 6, 2013, 3:51 am - 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?

                              The concept of "taxable income"  is simple and straighforward. Which part is confusing you?