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tony869

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Dec 19, 2013, 9:14 pm

Well in light of the recent mega million winner in California is f##ked because he or she will have to pay out about $40 million in state taxes and income taxes... . <snip> I would never buy any lottery tickets in California even if I am passing through California..

So any California LP folks care to comment on this thread?

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Toronto

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Dec 19, 2013, 9:15 pm

There are no state or local income taxes on California prizes for California residents.
mrcraft

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Dec 19, 2013, 9:56 pm

Yup. As long as we purchase MM or PB tickets inside California (plus all other state lottery games), we don't pay 1 cent in state/local taxes for lottery winnings.
rdgrnr

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The Hall Of The Mountain Kings Tennessee
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Dec 19, 2013, 10:03 pm

Quote: Originally posted by mrcraft on Dec 19, 2013
Yup. As long as we purchase MM or PB tickets inside California (plus all other state lottery games), we don't pay 1 cent in state/local taxes for lottery winnings.

I bet Governor Moonbeam doesn't know about that.

Yet.
Jill34786

Windermere, FL/Franklin, TN
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Dec 19, 2013, 10:06 pm

Quote: Originally posted by tony869 on Dec 19, 2013
Well in light of the recent mega million winner in California is f##ked because he or she will have to pay out about $40 million in state taxes and income taxes... . <snip> I would never buy any lottery tickets in California even if I am passing through California..

So any California LP folks care to comment on this thread?

This post has been automatically changed by the Lottery Post computer system to remove inappropriate content and/or spam.

No state tax on lottery winnings in California. The $40 million you mentioned in taxes is just the 25% initial withholding from the Federal Government. The winner will be responsible for another 14.6% when they file tax returns in 2015.

The total Federal tax due on the $173 million lump sum is over $68 million and this applies to every state. If you live in a state that does charge an income tax on lottery winnings then you can deduct that portion from your AGI thus mitigating your Federal obligations slightly.

** Some people fulfill their dreams by receiving entitlements from the Government while others wake up and work hard for it! **
Coin Toss

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Dec 19, 2013, 10:38 pm

I feel sorry for lottery winners in California in the pass and future...

I'm not in California anymore but that Donner Pass certainly is some wicked terrain.

Those who run the lotteries love it when players look for consistency in something that's designed not to have any. So many systems, so many theories, so few jackpot winners.

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.
onlymoney

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Dec 19, 2013, 11:24 pm

Quote: Originally posted by tony869 on Dec 19, 2013
Well in light of the recent mega million winner in California is f##ked because he or she will have to pay out about $40 million in state taxes and income taxes... . <snip> I would never buy any lottery tickets in California even if I am passing through California..

So any California LP folks care to comment on this thread?

This post has been automatically changed by the Lottery Post computer system to remove inappropriate content and/or spam.

I agree. There's no way I'd be able to live on a few million bucks less than what I was due.

Rather work for a meager living than have financial freedom, yeah, that's the ticket. That'll show them !

In fact, If I won 5 million in California, I'd give it all back to prove a point. It's not the money, it's the principal.
noise-gate

* In hot pursuit of $ *

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Dec 20, 2013, 12:54 am

Quote: Originally posted by tony869 on Dec 19, 2013
Well in light of the recent mega million winner in California is f##ked because he or she will have to pay out about $40 million in state taxes and income taxes... . <snip> I would never buy any lottery tickets in California even if I am passing through California..

So any California LP folks care to comment on this thread?

This post has been automatically changed by the Lottery Post computer system to remove inappropriate content and/or spam.

California is still the most populous State in the Nation. l wonder why that is?

* Anyways- lm off to Europe tomorrow with the wife to visit friends in Germany and beyond. See you all in 2014.

Be well.!!
aftermath

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Dec 20, 2013, 3:08 am

Since the drawing was in 2013 dont you have claim it on your 2013 taxes april 2014?
Saylorgirl

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Dec 20, 2013, 6:43 am

Quote: Originally posted by aftermath on Dec 20, 2013
Since the drawing was in 2013 dont you have claim it on your 2013 taxes april 2014?

If the winner from California waits until after the 1st of Januray it will be the 2014 taxes and April 2015. Ira Curry from Georgia claimed hers in 2013 so she will be paying taxes for this year.
Shelby Mustang

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Dec 20, 2013, 8:09 am

Quote: Originally posted by tony869 on Dec 19, 2013
Well in light of the recent mega million winner in California is f##ked because he or she will have to pay out about $40 million in state taxes and income taxes... . <snip> I would never buy any lottery tickets in California even if I am passing through California..

So any California LP folks care to comment on this thread?

This post has been automatically changed by the Lottery Post computer system to remove inappropriate content and/or spam.

Shoot I wish I had that problem LOL Having to pay 40 million in taxes and being able to do that and STILL have hundreds of millions left after you pay....All I can say is, I cant wait til it's me LOL
jrosina

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Dec 20, 2013, 10:17 am

Quote: Originally posted by Shelby Mustang on Dec 20, 2013
Shoot I wish I had that problem LOL Having to pay 40 million in taxes and being able to do that and STILL have hundreds of millions left after you pay....All I can say is, I cant wait til it's me LOL

My feeling Exactly...

forget what "they" say about you. What you say about you?...

Now, does it count??

*Jr$ina
KY Floyd

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Dec 20, 2013, 11:27 am

Quote: Originally posted by Coin Toss on Dec 19, 2013
I feel sorry for lottery winners in California in the pass and future...

I'm not in California anymore but that Donner Pass certainly is some wicked terrain.

Exactly what I was thinking. I don't know about the future, but I definitely feel sorry for those poor people in the Donner Pass.
KY Floyd

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Dec 20, 2013, 11:44 am

Quote: Originally posted by Saylorgirl on Dec 20, 2013
If the winner from California waits until after the 1st of Januray it will be the 2014 taxes and April 2015. Ira Curry from Georgia claimed hers in 2013 so she will be paying taxes for this year.

Curry will only need to claim it as 2013 income if the state transfers the money in 2013. Since Curry submitted her claim as quickly as possible any delay is out of her control, and certainly qualifies as a substantial restriction on her ability to receive it as income by the 31st. Since it generally takes 2 weeks for a state to transfer funds, it's most likely to happen in 2014. FWIW, her immmediate claim could be influenced by the possibility that taxes could be higher if she collects in 2014.

If she'd won a week earlier she would have been entitled to the money and able to collect it in 2013, so there's a good chance it would be taxable in 2013. The only voluntary delay in postponing her claim that might postpone the taxes would be based on the importance of consulting with professional advisors. If the need for professional advice consitutes a "substantial restriction or limitation" then the 60 day period for choosing cash or annuity would allow a delay of up to 60 days, but I don't think there's been a court ruling on that point.
lottolaughs

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Dec 20, 2013, 11:46 am

Don't feel sorry for us here in California. Don't feel sorry for any lottery player anywhere.

If you've won a jackpot,regardless of what taxes you pay...hey...you can afford it.

So you have a few less million. LOL. Who in this day and age even has 1 million???